Ebix wins appeal against Yatra in merger case
The case was dismissed on the basis of and for the reasons assigned by Vice Chancellor Joseph R Slights III
Software maker Ebix Inc on Monday emerged victorious in litigation over the collapse of its planned merger with online travel agency Yatra Online Inc. Delaware’s top court in the US had upheld a ruling throwing out the case, reports said.
According to reports, the US state’s justices dismissed the case ‘on the basis of and for the reasons assigned by’ Vice Chancellor Joseph R. Slights III. Last year, the Chancellor had ruled that the merger agreement let Yatrix call off the deal or file suit if Ebix breached it—but not both.
The Delaware Supreme Court’s one-page order didn’t contain any additional reasoning.
The lawsuit was filed in 2020. The two companies had originally begun negotiations in early 2019 regarding a potential acquisition of Yatra by Ebix. A deal was struck for Ebix to acquire Yatra for $338 million via a merger and the agreement signed in July 2019.
The deal was never closed however and in early June 2020, Yatra terminated the agreement and filed a lawsuit against Ebix.
Reports inform that various legal proceedings have ensued with Ebix dismissing Yatra’s claims of fraud and sabotage saying it no longer had any liability once the agreement was terminated.
