The OpenTable deal is the first big move for Priceline Chief Executive Officer Darren Huston,
who took over in January with a challenging task: continue to fuel
growth after his predecessor Jeffery Boyd, who stayed as chairman,
generated a 100-fold stock surge in 11 years.
Priceline
Group Inc. stepped up its acquisition spree by buying OpenTable Inc. in
a deal valued at $2.6 billion, adding restaurant bookings to an online
travel business already spanning flights, hotels and cars.
The
all-cash offer of $103 per share for the popular Internet restaurant
reservation company 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.
Also Read : Darren Huston : Priceline is in Competition
Priceline
is buying a company that seats over 15 million diners per month across
more than 31,000 restaurants via online bookings. As consumers
increasingly use services like OpenTable on mobile devices, the deal
boosts Priceline’s presence on smartphones and further connects the
company to local businesses.
