Yatra enters into mutual confidentiality agreement with Ebix

India's second-biggest online travel agency enters into mutual confidentiality agreement for beginning of due diligence procedure

Published: Mar 15, 2019 05:30:15 PM IST
Updated: Mar 18, 2019 07:44:42 PM IST

g_113937_dhruv_shringi_280x210.jpgDhruv Shringi, CEO, Yatra

Yatra Online, India's second-biggest online travel agency, has entered into a mutual confidentiality agreement with US software firm Ebix, so that the parties can commence due diligence. The company, it informed Nasdaq in its latest filing, would further review and consider Ebix's proposal made on March 11 to acquire all of the outstanding stock of Yatra. 

Ebix buyout offer too tempting for Yatra to ignore: Rivals

Ebix offer price of $336 million in a cash-and-stock deal boils down to $7 per share, a premium of 84 percent to Yatra’s close last Friday. Citigroup Global Markets Inc. is acting as financial advisor to Yatra and Goodwin Procter LLP is acting as legal counsel. As reported by Forbes India earlier, travel experts—including rivals of Yatra—reckoned that Ebix deal was ‘too tempting’ for the Gurgaon-headquartered travel services company to ignore.

When contacted, Yatra declined to comment.

Click here to see Forbes India's comprehensive coverage on the Covid-19 situation and its impact on life, business and the economy​

Check out our end of season subscription discounts with a Moneycontrol pro subscription absolutely free. Use code EOSO2021. Click here for details.

Show More
Post Your Comment
Required, will not be published
All comments are moderated