Yatra Online (YTRA) said Friday that Magna Holdings has launched an unsolicited tender offer for up to 20 million of Yatra's ordinary shares, representing about 31% of its shares on an as-converted basis, for $1.10 per share in cash.
Yatra said its board will assess the tender offer and issue its formal recommendation to shareholders within 10 business days. The company urged shareholders not to take any action until then.
Magna's tender offer expires on Sept. 17, according to a statement.
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