GlobeNewswire·Sep 14, 2026, 4:10 PM ET

Yatra Issues Statement in Response to Magna’s Amendment and Extension of Its Unsolicited Tender Offer

Yatra Online's Board of Directors unanimously recommended that shareholders NOT tender their shares into Magna Holdings Ltd.'s unsolicited partial tender offer.
The Board concluded the $1.10 per share cash offer substantially undervalues the company & is an attempt to opportunistically capitalize on the current trading price.
Magna seeks to acquire up to 20,000,000 shares to gain de facto control while holding an existing ownership position of approximately 31%.
Magna has not disclosed its ultimate controllers or financing sources, with filings only listing three directors lacking relevant industry experience.
Magna is described as a recently formed entity with no operating history, financial statements, or meaningful information regarding its ability to pay for the shares.
Yatra encourages all shareholders to withdraw any shares already tendered into the offer.
H.C. Wainwright & Co., LLC serves as Yatra's financial advisor & Goodwin Procter LLP acts as legal counsel.
Yatra India is identified as India's largest corporate travel services provider with over 1,340 large corporate clients & the second-largest player in the TMC segment for fiscal year 2024.