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Friday, June 13, 2014

Priceline to purchase OpenTable for $2.6 bln, (NASDAQ: OPEN)

Travel website operator Priceline Group Inc said it would purchase OpenTable Inc for $2.6 billion in cash as it looks to add restaurant bookings to its services.The offer of $103 per share represents a premium of 46 percent to OpenTable's Thursday close.OpenTable's shares jumped to $103 in premarket trading. Up to Thursday's close they had fallen about 11 percent this year.Priceline's shares were up 0.8 percent at $1,235.26.

OpenTable, Inc. (OpenTable) provides solution that forms an online network connecting reservation-taking restaurants and people who dine at those restaurants. Shares of OPEN remained unchanged at $70.43. In the past year, the shares have traded as low as $59.65 and as high as $87.48. On average, 636345 shares of OPEN exchange hands on a given day and today's volume is recorded at 765933.