Yatra Online, Inc. functions as a digital travel agency, catering to customers both within India and across global markets. Its operations are segmented into air travel bookings, accommodation and package deals, and a diverse category of ancillary travel services. The platform offers a comprehensive suite of travel solutions designed for both individual tourists and corporate clients. These include reservations for domestic and international flights, various lodging options like hotels and homestays, curated holiday packages, as well as tickets for buses, trains, and taxi services. Through its website, www.yatra.com, and dedicated mobile applications, customers can effortlessly explore and compare options for flights, accommodations, vacation packages, ground transport (buses and trains), and various activities. Its mobile app ecosystem includes the primary 'Yatra' interface, 'Yatra Web Check-In' for streamlined flight check-ins, and 'Yatra Corporate,' a self-service booking tool tailored for business users. Beyond core bookings, Yatra also facilitates tours, cultural experiences, event tickets, and supplementary travel amenities. Additionally, it offers travel vouchers and gift coupons for purchase. Since its establishment in 2005, the Gurugram, India-headquartered company has catered to an extensive client base, serving approximately 12.4 million customers by March 31, 2022.
Yatra Issues Statement in Response to Magna’s Amendment and Extension of Its Unsolicited Tender Offer
Yatra Online's board unanimously recommended that shareholders NOT tender into Magna Holdings' amended unsolicited partial tender offer of $1.10 per share in cash for up to 20,000,000 ordinary shares — a position representing up to roughly 31% of the company.
The board called the offer inadequate and opportunistic, arguing it capitalizes on the current trading price rather than paying intrinsic value, and said Magna's recent amendment does not change its conclusion given the lack of a compelling premium for de facto control.
The board also attacked Magna's transparency: the bidder is a recently formed entity with no operating history or financial statements, and the only individuals named — Anita Mitesh Master, Tanuja Nair and Bibi Nafichia Auckbaraullee — have no disclosed background in online travel, the Indian travel industry, or operating public companies.
H.C. Wainwright & Co. is acting as financial advisor and Goodwin Procter LLP as legal counsel to Yatra; the company is also urging shareholders who have already tendered to withdraw their shares.