GURUGRAM, India and
NEW YORK, March 11, 2019 /PRNewswire/ -- Yatra Online, Inc.
("the Company") (NASDAQ: YTRA), India's leading corporate travel services
provider and one of India's
leading online travel agencies, today confirmed that it received a
proposal from Ebix Inc. (NASDAQ: EBIX) to acquire all of the
outstanding shares of the Company. Ebix's press release
announcing its proposal is available at
https://www.globenewswire.com/news-release/2019/03/11/1751267/0/en/Ebix-Offers-to-Acquire-India-s-Largest-Corporate-Travel-Exchange-Yatra-Online-Inc.html.
Consistent with its fiduciary duties, and in consultation with
its independent legal and financial advisors, the Company'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 Company and Goodwin Procter LLP is acting as legal counsel.
Safe Harbor Statement
This earnings release contains certain statements concerning the
Company's future growth prospects and forward-looking statements,
as defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on the Company's current expectations,
assumptions, estimates and projections about the Company and its
industry. These forward-looking statements are subject to various
risks and uncertainties. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "anticipate," "believe," "estimate," "expect,"
"intend," "will," "project," "seek," "seem," "should" and similar
expressions. Such statements include, among other things,
management's beliefs as well as our strategic and operational
plans. Forward-looking statements involve inherent risks and
uncertainties. A number of important factors could cause actual
results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to, the slow-down of economic growth
in India and the global economic
downturn, general declines or disruptions in the travel industry,
volatility in the trading price of our shares, our reliance on our
relationships with travel suppliers and strategic alliances,
failure to further increase our brand recognition to obtain new
business partners and consumers, failure to compete against new and
existing competitors, failure to successfully manage current growth
and potential future growth, uncertainties regarding future actions
that may be taken by Ebix in connection with its proposal, risks
associated with any strategic investments or acquisitions,
seasonality in the travel industry in India and overseas, failure to successfully
develop our corporate travel business, damage to or failure of our
infrastructure and technology, loss of services of our key
executives, and inflation in India
and in other countries. These and other factors are discussed in
our reports filed with the U.S. Securities and Exchange Commission.
All information provided in this earnings release is provided as of
the date of issuance of this earnings release, and we do not
undertake any obligation to update any forward-looking statement,
except as required under applicable law.
About Yatra Online, Inc and Yatra Online
Pvt. Ltd.
Yatra Online, Inc is the parent company of Yatra Online Pvt.
Ltd., which is based in Gurugram, India and is India's leading Corporate Travel services
provider with over 800 Corporate customers and one of India's leading online travel companies and
operates the website Yatra.com. The company provides
information, pricing, availability, and booking facility for
domestic and international air travel, domestic and international
hotel bookings, holiday packages, buses, trains, in city
activities, inter-city and point-to-point cabs, homestays and
cruises. As a leading platform of accommodation options, Yatra
provides real-time bookings for more than 100,000 hotels
in India and over 1,000,000 hotels around the world.
Customers can access Yatra in multiple ways: through a
user-friendly website, mobile applications and mobile optimized
site, a multi-lingual call-center.
Launched in August 2006, Yatra was
ranked the Most Trusted E-Commerce Travel Brand in India in the Economic Times Brand Equity
Survey 2016 for the second successive year, and has won the
National Tourism Award for 'Best Domestic Tour Operator (Rest of
India)' at the India Tourism
Awards held in September 2017 for the
third time in a row.
For further information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Investor Relations
ir@yatra.com