India's Yatra sees worst day in a month on scrapping Ebix deal

Yatra Online

08/06/2020 13:01

(Updates)
    ** Indian travel firm's  YTRA.O  shares drop 12.7% to $1.31
premarket, set for biggest one day pct loss in a month - among
biggest decliners on the Nasdaq
    ** YTRA after market hrs on Friday said it was 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 had 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
    ** EBIX says it is considering options including a
countersuit against YTRA on account of multiple breaches of the
merger agreement  urn:newsml:reuters.com:*:nGNX6ZfBxZ
    ** YTRA implemented cost-saving measures starting April, to
weather the impact of the COVID-19 pandemic on its business
    ** Ebix shares up 2.2%
    ** YTRA stock has more than halved in value this year, while
EBIX is down 15.1%

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