The offer, which aimed to secure a 31% stake in the firm, lacks the necessary control premium expected for such a significant acquisition. Beyond the valuation gap, Yatra leadership expressed deep skepticism over Magna’s credibility. The buyer has refused to produce financial statements or proof of committed capital, leaving the company’s ownership structure shrouded in mystery.

Complicating matters, Yatra highlighted that the proposal is laden with conditions that threaten the deal's viability. If the transaction proceeds, tax liabilities under Indian law could slash net returns for shareholders to approximately 63 cents per share. Given these fiscal risks and the absence of a concrete business plan, the board concluded that the bid serves neither the interests of Yatra nor its stakeholders.