The $103-per-share offer is 46 percent higher than OpenTable’s closing price yesterday. The deal is expected to be completed in the third quarter, the companies said in a statement today.
The acquisition gives Priceline a company that seats over 15 million diners per month across more than 31,000 restaurants via online bookings. OpenTable, founded in 1998, will continue to be based in San Francisco, according to the statement.
OpenTable’s stock (OPEN:US) fell 1 percent to $70.43 at the close in New York yesterday. The shares have dropped 11 percent this year. Priceline fell 1.8 percent to $1,226 yesterday and has gained 5.5 percent this year.
To contact the reporter on this story: James Callan in New York at firstname.lastname@example.org
To contact the editors responsible for this story: Cecile Daurat at email@example.com Niamh Ring