Priceline.com Inc (PCLN) and Kayak Software Corp (KYAK) has gotten been cleared for landing their merger. The two companies said that all of the necessary regulatory approvals have been obtained and they closing date of the proposed merger of KAYAK and Priceline.com is scheduled for May 21, 2013.
Priceline.com has announced that they will be acquiring KAYAK in a stock and cash transaction worth $1.8 billion. This deal values KAYAK’s stock at $40 per share. Priceline.com will be paying $500 million of the consideration in cash and $1.3 billion in equity and assumed stock options.
Kayak.com has started trading on the NASDAQ exchange under the symbol “KYAK.” The stock of the company grew over 14% to $30.10, which gave them a market cap of around $1 billion. Yesterday Kayak sold 3.5 million shares at $26 per share. This helped the company raise around $91 million in capital.
Kayak.com, the hotel and flight search engine company, has filed for a $100 million IPO with a trading range of between $22 to $25 on the Nasdaq exchange. Kayak will trade under the symbol “KYAK.” Kayak will offer four million shares and will raise a maximum of $100.6 million, which is twice as much as their initial filing.
Google has started rolling out a tool that lists airline rates within their search results. The results link directly to their airlines’ websites rather than online travel agency websites like Kayak, Expedia, Orbitz, Travelocity, Priceline, etc.
Continue reading →