Yatra Online Rejects Magna Holdings Unsolicited Offer

Gurugram, India, and New York – September 1, 2026 (GLOBE NEWSWIRE) — Yatra Online, Inc., the leading corporate travel services provider in India, has rejected an unsolicited partial tender offer from Magna Holdings Ltd. The offer, which seeks to acquire up to 20 million ordinary shares of Yatra at $1.10 per share, has been unanimously rejected by the company’s board of directors, which believes the offer undervalues the company and is an opportunistic attempt to capitalize on current market conditions.

According to Yatra’s board, the $1.10 per share offer represents a significant discount to the company’s recent trading prices, with the shares trading as high as $1.21 in the most recent completed fiscal quarter. The offer also fails to provide shareholders with any strategic plan or transparency regarding Magna’s intentions for the company. “The offer is not only undervaluing the company, but it also lacks the necessary premium to reflect the substantial influence that Magna seeks over Yatra,” said H.C. Wainwright & Co., LLC, the company’s financial advisor.

The board’s rejection of the offer is detailed in a formal recommendation issued today through a Solicitation/Recommendation Statement on Schedule 14D-9 filed with the U.S. Securities and Exchange Commission. Key reasons for the rejection include:

1. Undervaluation: The offer price of $1.10 per share is substantially below the intrinsic value of the company, which the board believes is much higher. The offer also fails to account for the company’s indirect 62.66% interest in Yatra Online Limited, which is worth approximately $110.9 million based on the closing price of Yatra India’s equity shares.

2. Lack of Strategic Plan: Magna has not disclosed any strategic plans for Yatra, leaving shareholders with no clear understanding of the potential benefits or risks associated with the offer. The board argues that the 31% ownership position sought by Magna warrants a higher premium to reflect the control it would gain.

3. Transparency Issues: Magna Holdings Ltd. is a recently formed entity with no operating history and has provided no financial information. The company has declined to disclose its financial statements or any committed financing, raising concerns about its ability to fulfill the offer.

4. Tax and Legal Risks: The offer is subject to withholding taxes, which could further reduce the value received by shareholders. Magna’s disclosure of potential tax deductions at the highest applicable rate of 42.74% of the gross sale consideration adds to the complexity and risk for shareholders.

5. Uncertainty of Completion: The offer is subject to numerous conditions, many of which are at Magna’s sole discretion. The board warns that these conditions create significant risk that the offer may not be completed, leaving shareholders without any assurance of receiving the offered consideration.

Yatra’s board of directors strongly recommends that shareholders reject the offer and not tender their shares. “We are committed to maximizing value for our shareholders and believe that the company’s future growth and success are better served by continued independent ownership and management,” stated a spokesperson for Yatra.

H.C. Wainwright & Co., LLC, acting as financial advisor, and Goodwin Procter LLP, serving as legal counsel, support Yatra’s board’s decision and are committed to defending the company’s interests.