EBIX buys back 414,000 shares between Jun 30 and July 5
That is my belief as well.
But when your stock is trading at $20 and there is an offer for $30 or $35, most funds holding the stock are fine with the offer and management is usually very hard pressed not to take it. EBIX Management owns a lot, but only around 25% which my not be enough to prevent a buy out.
I actually believe this is the #1 reason for accelerating the buy back, it slowly increases managements % ownership and can help prevent a hostile buyout.