Yatra Online yesterday announced that it has provided notice of termination of its pending Merger Agreement with Ebix and filed litigation in the Court of Chancery of the State of Delaware over Ebix’s breaches of the Merger Agreement.
The complaint seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the Merger Agreement and an ancillary extension agreement and seeks substantial damages.
As detailed in the complaint, Ebix’s conduct breached material terms of the agreements and frustrated Yatra’s ability to close the transaction and obtain the benefit of Yatra’s bargain for Yatra’s stockholders.