Priceline Group Inc (NASDAQ:PCLN) has offered $2.6 billion ($103 per share) in cash to buy restaurant booking company OpenTable Inc (NASDAQ:OPEN), paying a 46% premium over yesterday’s closing price of $70, reports Drew Fitzgerald for The Wall Street Journal. Shares of OpenTable made up the difference in pre-market trading while Priceline gained 1%. Like most other internet stocks, Priceline outperformed the market during 2013 but lost ground between the end of February and the middle of May, now returning to its mid-February level.
OpenTable a natural fit for Priceline’s range of booking services
“The kind of work that we do day-to-day is very similar,” said Priceline CEO Darren Huston. “It’s just a different marketplace.”