Extending its reach into restaurant reservations, online travel giant Priceline Group bought OpenTable for $2.6 billion.
Priceline paid $103 per share in cash, which is a 46% premium over OpenTable's closing price of $70.43.
OpenTable charges restaurants monthly fees to seat diners who book their reservations online. It has an inventory of more than 31,000 restaurants, and seats more than 15 million diners a month.
"Travelers are diners," Priceline CEO and President Darren Huston said in a conference call with analysts and reporters. "It's the same customers. There's opportunity to cross-promote brands.
"We spent a long time looking at OpenTable. It's been on our radar for a long time. We felt now was a good time," he said.
Read Full Article : https://www.usatoday.com/story/money/business/2014/06/13/priceline-buys-opentable/10413393/
OpenTable charges restaurants monthly fees to seat diners who book their reservations online. It has an inventory of more than 31,000 restaurants, and seats more than 15 million diners a month.
"Travelers are diners," Priceline CEO and President Darren Huston said in a conference call with analysts and reporters. "It's the same customers. There's opportunity to cross-promote brands.
"We spent a long time looking at OpenTable. It's been on our radar for a long time. We felt now was a good time," he said.
Read Full Article : https://www.usatoday.com/story/money/business/2014/06/13/priceline-buys-opentable/10413393/
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Darren Huston
Short StoryDarren Huston (born 3 January 1966) is a Canadian businessman was the president and chief executive officer (CEO) of Priceline, Currently he is a CEO of BlackPines Capital Advisors. Residence - Amsterdam, Netherlands Nationality - Canadian Alma mate...
