News

Ebix Statement on Termination of Merger Agreement with Yatra

The termination of the merger agreement between US-based software company, Ebix Inc and Online travel company Yatra Online Inc which could have created India’s largest travel services company, has sent shock waves in the travel industry.
In 2019, Ebix Inc had entered into an agreement to acquire Yatra Online Inc, the parent company of online travel firm Yatra.com, for an enterprise value of USD 338 million (approx Rs 2,300 crore).
Ebix Inc issued a statement on the termination of the Merger Agreement with Yatra and clarified its stand.
The statement reads:
Ebix, Inc. a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, issued a statement in response to the termination of the merger agreement with Yatra.
On May 14, 2020, Yatra Online, Inc. entered into an agreement with Ebix, Inc. (“Ebix”) extending the outside date of completion of the Merger Agreement to June 4, 2020 (the “Outside Date”). The Merger Agreement contained certain termination rights for Ebix and Yatra, including, among others, the right of either party to terminate the Merger Agreement if the Merger has not been consummated on or prior to the Outside Date. The Outside Date was extended to June 4, 2020, in order to provide the parties with time to determine whether they can reach mutual agreement on an amendment of certain terms of the Merger Agreement.
After the expiration of the Outside Date and the failure of the two parties to agree on the terms of an amended Merger Agreement by the Outside Date of June 4th, Yatra terminated the Merger Agreement on June 5, 2020, and filed suit against Ebix in the Delaware Court of Chancery for breach of contract.
Ebix worked diligently to fulfil its obligations under the Merger Agreement and thus strongly disagrees with the allegations set forth in the complaint. Ebix intends to enforce all of its rights under the Merger Agreement and is currently considering all options, including a countersuit against Yatra on account of multiple breaches of its representations, warranties, and covenants under the Merger Agreement.
Related posts

Anika Gupta : Speak from the heart and act from the gut

Always ready to take the road less travelled, Anika Gupta, Director Development – Eurasia, Wyndham Hotels & Resorts tucks in 17 years…

Historic virtual JAPEX Live 2020 a success

For the first time in 30 years, the Jamaica Product Exchange (JAPEX) was held virtually and the 2020 edition proved to be…

Balbir Singh Vimal appointed as new Vice President and General Manager at Rosetum Group of Hotels

Balbir Singh Vimalhas been appointed as theVice President and General Manager at Rosetum Group of Hotels Balbir Singh has over 28 years…

Vivaah at Novotel – meticulously crafted for new age virtual weddings

India is known for its grand wedding ceremonies and to make it more special and exclusive; Novotel has introduced Vivaah at Novotel.

Rishi Neoge appointed as new Group General Manager at The Sai Leela Group

Rishi Neoge has been appointed as Group General Manager at The Sai Leela Group. In this new role he will be responsible…

Cygnett Hotels and Resorts is set to expand with 4 new properties across North India

Cygnett Hotels and Resorts announced that they are further expanding the brand to include 4 new properties in North India

Thomas Abraham joins vibrant Hyatt Regency Pune as the new General Manager

Hyatt Regency Pune & Residences is pleased to announce the appointment of Thomas Abraham as General Manager, in addition to his role of…

Attractive Ramada by Wyndham Jaisalmer Barmer Road set to open in 2021

With the new signing of Ramada by Wyndham Jaisalmer Barmer Road, JAH Developers Private Ltd, the New Delhi based real estate company…

Shobhit Sawhney appointed new General Manager of the luxurious Park Hyatt Hyderabad

Shobhit Sawhney has been appointed the new General Manager of Park Hyatt Hyderabad

Dev Thakur appointed as the new Director F&B, Sayaji Hotel Indore

Dev Thakur has been appointed as the Director of Food & Beverage at Sayaji Hotel Indore. He comes with over 15+ years…