Though sources report that Flipkart's management team favors the Walmart deal-in which Walmart would acquire a controlling stake of the company, but allow Flipkart to retain its current structure and management team-Amazon's formal offer to purchase 60 percent of the company and "merge the companies entirely" may be a tempting alternative.
Factor Daily stated some friendly investors such as Tencent, Microsoft and Tiger Global might not cash out, while Softbank, which holds 20 percent stake, will exit, making $4 billion in the process.
Walmart informed Flipkart it plans to sell shares in an initial public offer (IPO) in three years time. Sources close to the newspaper said Walmart was supposed to sign the term sheet for the deal nearly three weeks ago, but did not because SoftBank wanted Flipkart to wait until Amazon had put in its bid.
The decision came a week after Flipkart bought back about 1.9 million preference shares worth a total of $350 million from various minority investors including DST Global and IDG Ventures in a transaction that closed April 27.
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People familiar with the negotiations said Walmart has been keen on retaining only one of the two founders as they fine-tune the deal.
Emails sent to Flipkart and Walmart did not elicit any response. "There has been a shareholder realignment within Flipkart over the past few weeks, which has brought top level fissures into the open", said a source cited earlier in the report.
Walmart and Amazon's interest in gaining share in India comes after both retailers have struggled to grow in China, ultimately losing ground to Chinese e-commerce firm Alibaba Group Holding Ltd. While co-founders of Flipkart reportedly willing to sell their stakes and may take an exit from the company, Google's entry in the Flipkart-Walmart deal will take on Amazon's supremacy in India. It will also be one the biggest acquisition deals by Walmart. Amazon is out of the running unless Walmart hits unforeseen trouble.
The world's largest online retailer has been pouring billions of dollars into India to ship goods to shoppers faster, contributing to growing losses internationally.