GURUGRAM, India and
NEW YORK, March 15, 2019 /PRNewswire/ -- Yatra Online, Inc.
("Yatra") (NASDAQ: YTRA), India's leading corporate travel services
provider and one of India's
leading online travel agencies, today announced that it has entered
into a mutual confidentiality agreement with Ebix Inc. (NASDAQ:
EBIX) so that the parties can commence due diligence and Yatra can
further review and consider Ebix's proposal made on March 11, 2019 to acquire all of the outstanding
stock of Yatra.
As previously announced, consistent with its fiduciary duties
and in consultation with its independent legal and financial
advisors, the Yatra Board of Directors is reviewing and considering
Ebix's proposal to determine the course of action that it believes
is in the best interest of the Company and all of its
shareholders.
Yatra Online noted that there can be no assurance that a
transaction will result from this process. Company shareholders do
not need to take any action at this time.
Citigroup Global Markets Inc. is acting as financial advisor to
Yatra and Goodwin Procter LLP is acting as legal counsel.
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.
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.
For further information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Investor Relations
ir@yatra.com
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