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Ebix (EBIX) issued a statement in response to the termination of the merger agreement with Yatra (YTRA). On May 14, 2020, Yatra Online, Inc., a Cayman Islands exempted company limited by shares, entered into an agreement with Ebix extending the outside date of the Merger Agreement, dated July 16, 2019, by and between Yatra, Ebix and EbixCash Travels Inc., a direct, wholly-owned subsidiary of Ebix to June 4, 2020. 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. The company said, "Ebix worked diligently to fulfill its obligations under the Merger Agreement and thus strongly disagrees with the allegations set forth in the complaint. Ebix intends to enforce all of its rights under the Merger Agreement, and is currently considering all options, including a countersuit against Yatra, on account of multiple breaches of the Merger Agreement."

Yatra (YTRA) announced that it has provided notice of termination of its pending merger agreement with Ebix (EBIX) and filed litigation in the Court of Chancery of the State of Delaware over Ebix's breaches of the merger agreement. The complaint seeks to hold Ebix accountable for breaches of its representations, warranties and covenants in the merger agreement and an ancillary extension agreement and seeks substantial damages. Yatra said, "As detailed in the complaint, Ebix's conduct breached material terms of the agreements and frustrated Yatra's ability to close the transaction and obtain the benefit of Yatra's bargain for Yatra's stockholders."