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Tuesday, 12 March, 2019, 18 : 30 PM [IST]

Yatra Board to review Ebix’s offer of its acquisition

Yatra Online, Inc. has confirmed that it received a proposal from Ebix Inc. to acquire all of the outstanding shares of the company, the Nasdaq-listed company said in a media statement. Consistent with its fiduciary duties, and in consultation with its independent legal and financial advisors, the Yatra’s Board of Directors will review and consider the proposal to determine the course of action that it “believes is in the best interest of the Company and all of its shareholders.Company shareholders do not need to take any action at this time.”

Citi Group Global Markets Inc. is acting as financial advisor to the Yatra Online, and Goodwin Procter LLP is acting as legal counsel.

Ebix, a supplier of on-demand software and e-commerce services to the insurance, financial, healthcare and e-learning industries, sent a letter to the Board of Yatra Online, Inc. outlining its offer to acquire 100% of the outstanding stock of Yatra Online for USD 7 per share on a debt-free basis. Yatra Online, Inc is the parent company of Yatra Online Pvt. Ltd. which is based in Gurugram. Ebix intends to merge Yatra Online in its Indian EbixCash subsidiary set up. Ebix’s offer is subject to due diligence and customary regulatory and other closing conditions.

The Ebix offer, based on approximately 48 million Yatra Online diluted shares outstanding, represents an 84% premium to Yatra Online’s closing share price of USD3.80 as of March 8, 2019. Robin Raina, Chairman, President and CEO Ebix, said, “We believe that Yatra Online’s products and services are complementary to EbixCash’s travel portfolio of Via and Mercury; and a combination of the two companies would lend itself to significant synergies and the creation of the India’s largest and most profitable travel services company. We see substantial synergies, economies of scale and expanded growth potential for the combined business. Our interest in making an offer for Yatra Online is also borne out of our firm belief that a combination of the two companies could be substantially and immediately accretive to Ebix's EPS."
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