India’s largest investor and the majority shareholder of Snapdeal, SoftBank, has threatened to back out of the merger if all minority shareholders do not approve of the Flipkart acquisition deal. A news daily, reported, according to sources close to the matter, SoftBank may be able to independently invest in Flipkart and can leave Snapdeal behind by walking out of the merger.
One of the clauses in Flipkart’s revised termsheet was for Snapdeal to get the approval of all the minority shareholders. Softbank, who has been orchestrating the sale of the biggest consolidation move in the Indian ecommerce industry, became the majority shareholder in May 2017 after buying out Kalaari Capital’s share in the company. Presently, the cofounders of the company each own about 6.5% stake, while early investor Nexus Capital has a 10% stake and SoftBank has a majority stake of about 47.5%.
The remaining Snapdeal stake is owned by the minority shareholders such as PremjiInvest, Ratan Tata, Foxconn, Alibaba Group, Ontario Teachers’ Pension Plan, eBay, Temasek and Hong Kong based hedge funds and others. Out of the minority shareholders, Ratan Tata, Temasek, BlackRock and Foxconn have given their in principle approval to the proposed merger whereas the approval of 26 other Snapdeal investors is still required.
PremjiInvests, the personal investment arm of Azim Premji, initially opposed the merger over the special payments being offered to early investors and cofounders Kunal Bahl and Rohit Bansal. Since then, it has been extremely difficult to a get 100% minority approval for the acquisition. The daily also reported a source saying, “SoftBank is exasperated by repeated objections and delays triggered by Snapdeal’s smaller shareholders.” They also added that even if 5% of the shareholders are unhappy with the revised Flipkart proposal, Softbank won’t pursue the merger.
SoftBank reported a $ 1.4 billion loss during the financial year 2017, on two of its major Indian investments Snapdeal and Ola. Therefore they have been looking to offload the ecommerce company and do not want to be held accountable if the deal falls through. Flipkart’s offer, according to SoftBank, is significantly better than the other alternative routes available to the struggling online marketplace.
In the past couple of weeks, it was also reported Snapdeal founders Kunal Bahl and Rohit Bansal were in talks with senior executives from various firms and with another ecommerce site Infibeam for an alternate option. They recently have also sold their online digital payments arm FreeCharge to the private sector lending firm, Axis Bank.
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