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Delaware’s top court upheld a ruling throwing out the case.
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Ebix Inc. has won the appeal over the pandemic-related collapse of its planned merger with online travel agency Yatra Online Inc..
Delaware’s top court upheld a ruling throwing out the case.
The state’s justices affirmed the decision dismissing the case “on the basis of and for the reasons assigned by” Vice Chancellor Joseph R. Slights III, who ruled last year 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.
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.
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.