US court rejects Yatra’s claims of violation of merger terms by Ebix
The order has been pronounced by The Court of Chancery of The State of Delaware on August 30
A court in the United States has dismissed the claims made by the online travel agency Yatra Online against US-based software firm Ebix Inc, according to media reports.
The order has been pronounced by The Court of Chancery of The State of Delaware on August 30.
Yatra had claimed that Ebix had violated terms of merger and so it is terminating the deal reportedly worth $337.8 million. The travel company had sued Ebix seeking damages.
As reported by one of the reports, “Yatra Online in its lawsuit had claimed that Ebix made extra-contractual promises that it was willing to renegotiate the merger agreement’s terms when, in fact, it had no intent to close on the renegotiated terms.”
“Furthermore, the online booking platform claimed that Ebix also caused it to be unable to go forward with its Rights issue as its stocks price had fallen following Ebix declaring the termination of its merger agreement and leaking the information to the stock exchanges.
