India-based online travel agency Yatra says it is reviewing a proposal from Ebix to acquire the company for $336 million.
Ebix, a fintech and ecommerce specialist that spans a number of industries, sent a letter to the Yatra board offering to purchase all of the outstanding stock of Yatra Online for $7 per share.
A statement from Ebix, which is based in Atlanta, Georgia, says it will merge Yatra Online into its India-based EbixCash payments business.
The offer represents an 84% premium on Yatra’s share price when the financial markets closed last week.
Ebix sets out certain conditions with the offer such as a reduction if it does not get a positive response from the Yatra board or a withdrawal of the offer if the online travel agency does not enable due diligence to begin by next week.
A statement from Yatra says it will consider the proposal to decide the best course of action for it and its shareholders.
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Yatra, which has offices in Gurgaon in India and New York, was launched in 2006 and has a significant corporate travel presence in addition to offering leisure travel.
The company reported a 17% increase to revenue of $32 million for the fourth quarter of 2018 with gains across hotels and packages as well as its air division.
EBITDA saw a loss of $2.2 million which was a 60% improvement on the same quarter in 2017.