Ctrip.com International (CTRP) said on Wednesday that it’s no longer interested in pursuing a merger with Qunar Cayman Islands (QUNR) after the China online travel company rejected its offer. Qunar disclosed the unsolicited offer from Ctrip to acquire all outstanding shares when it posted first-quarter earnings late Monday. Qunar, majority owned by China online search leader Baidu (BIDU), also disclosed that private equity firm Silver Lake
China travel website Qunar Cayman Islands (QUNR) reported better-than-expected first-quarter results late Monday and revealed that rival Ctrip.com had offered to buy the company. On May 8, Qunar said in the earnings release, “we received an unsolicited offer from Ctrip.com International (CTRP) to acquire all of our outstanding shares. After careful consideration of such offer, we declined to pursue it in a letter response dated June 1, 2015.”
Priceline Group (PCLN) is expanding its share of China’s online travel market, through a bigger investment in China’s Ctrip.com International. Ctrip, China’s No. 1 provider of accommodation reservations, transportation ticketing, packaged tours and corporate travel management, said Monday it has received an additional $250 million investment from Priceline, the No. 1 online travel company. Ctrip.com International (CTRP) said the investment will be