SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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| Item 1.02 | Termination of a Material Definitive Agreement. |
On May 14, 2020, Yatra Online, Inc., a Cayman Islands exempted company limited by shares (“Yatra”), entered into an agreement (the “Fourth Extension Agreement”) with Ebix, Inc. (“Ebix”) extending the outside date of the Merger Agreement (the “Merger Agreement”), dated July 16, 2019, by and between Yatra, Ebix and EbixCash Travels Inc., a direct, wholly-owned subsidiary of Ebix (“Merger Sub”) to June 4, 2020 (the “Outstide Date”). The Merger Agreement contained certain termination rights for Ebix and Yatra, including, among others, the right of either party to terminate the Merger Agreement if the Merger has not been consummated on or prior to the Outside Date. The Outside Date was extended to June 4, 2020 in order to provide the parties with time to determine whether they could reach mutual agreement on an amendment of certain terms of the Merger Agreement.
After the expiration of the Outside Date and the failure of the two parties to agree on the terms of an amended Merger Agreement by the Outside Date, Yatra terminated the Merger Agreement on June 5, 2020 and filed suit against Ebix in the Delaware Court of Chancery for breach of contract.
Ebix denies the claims made by Yatra and intends to defend itself vigorously. Ebix plans to enforce all of its rights under the Merger Agreement, and is currently considering all options, including a countersuit against Yatra for Yatra’s breach of the Merger Agreement.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
| 99.1 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EBIX, INC. | ||
| By: |
/s/ Robin Raina | |
| Name: |
Robin Raina | |
| Title: |
Chief Executive Officer | |
Dated: June 9, 2020