Merger-Killing Plot Scuttled Deal, Travel Firm Tells Chancery

Law360 (May 17, 2021, 9:23 PM EDT) -- Attorneys for India-based online travel agency Yatra Online Inc. argued in Chancery Court on Monday that a reluctant merger partner schemed with lenders to gut the deal as its financial position wavered, and then shuffled terms in an undisclosed effort to head off closing and a seller lawsuit.

Arguing before Vice Chancellor Joseph R. Slights III over former deal partner Ebix Inc.'s motion to dismiss a suit alleging fraud and breach of contract, Gregory V. Varallo of Bernstein Litowitz Berger & Grossmann LLP, representing Yatra, told the court that Ebix, a multi-industry supplier of on-demand software and e-commerce services, and its...

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