India's Yatra sees worst day in a month on Ebix merger termination

Yatra Online

08/06/2020 11:30

** Indian travel firm's  YTRA.O  shares fall 16.7% to $1.25
premarket, biggest one day pct loss since May 6; stock among
biggest decliners on Nasdaq
    ** YTRA after market hrs on Friday said it is ending a
pending merger agreement with U.S. software firm Ebix Inc
 EBIX.O 
    ** Ebix had agreed to buy Yatra in 2019 for an enterprise
value of $337.8 mln 
    ** YTRA said it filed a litigation seeking "substantial"
damages for Ebix's alleged breach of deal terms, including
clauses on representations and covenants  urn:newsml:reuters.com:*:nL4N2DI3RP
    ** Co also implemented cost-saving measures starting April,
to weather the impact of the COVID-19 pandemic on its business
    ** YTD, YTRA stock has more than halved in value, while EBIX
down 15.1%

 (Reporting by C Nivedita in Bengaluru)
 ((C.Nivedita@thomsonreuters.com; within the U.S. +1 646 223
8780, outside the U.S. +91 80 6182 2626; Twitter:
@NivCholayil;))