Yatra terminates pending merger agreement with Ebix, seeks substantial damages

Online travel company Yatra has announced that it has provided notice of termination of its pending merger agreement with Ebix, Inc. and sought substantial damages from the latter over “breaches of representations, warranties and covenants in the merger agreement and an ancillary extension agreement”. Separately, starting April 2020, Yatra had already implemented cost reduction initiatives, resulting in 58% fixed cost savings in May 2020 vs March 2020, and 70% savings as compared to March 2019.