Priceline’s $2.6 billion deal to buy restaurant-booking app OpenTable is the latest sign that consumer Internet giants have refocused efforts toward local and mobile. The all-cash offer values OpenTable (OPEN) at 103 a share, a 46% premium to Thursday’s closing price. “The price paid suggests they wanted some shock value … the appeal for Priceline (PCLN) is that they feel they can bundle this solution with their primary
Analysts rubber-stamped Priceline’s (PCLN) proposed $2.6 billion acquisition of OpenTable (OPEN), saying it’ll allow Priceline to aggressively move into online restaurant booking. Priceline announced Friday morning that it will pay $103 per share for OpenTable, a 46% premium to Thursday’s close. OpenTable stock gapped up about 47% on the stock market today, while Priceline stock slipped about 2%. “We see this deal as likely part of Priceline’s
OpenTable stock fell Tuesday as Yelp announced that it will provide a new restaurant-reservation service with no fees. Unlike OpenTable (OPEN), the new service called Yelp Reservations will offer restaurants the ability to take bookings without having to pay a fee. The only stipulation is that restaurants maintain a Yelp (YELP) profile page. OpenTable stock fell 7% to 64.76. Yelp stock fell 2% to 55.53 on the stock market today. The move by