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Priceline Buying OpenTable for $2.6billion

NEW YORK (AP) — Priceline says it is buying online restaurant reservation company OpenTable for $2.6 billion. The deal should help Priceline, the online travel company, branch out into a new business segment.

 

 Priceline.com headquarters in Norwalk, Conn
Priceline.com headquarters in Norwalk, Conn (AP Photo/Douglas Healey, File)

Priceline Group Inc. will pay $103 per share, which is a 46 percent premium to OpenTable Inc.’s Thursday closing price of $70.43.

OpenTable seats more than 15 million diners per month at more than 31,000 restaurants. The company will still be based in San Francisco and will operate as an independent business led by its current management team.

Both companies’ boards unanimously approved the transaction, which is targeted to close in the third quarter.

 

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed)

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