Darren Huston Priceline CEO to buy OpenTable for $2.6B

darren huston
Extending its reach into restaurant reservations, online travel giant Priceline Group CEO Darren Huston is buying OpenTable for $2.6 billion.

Priceline will pay $103 per share in cash, which is a 46% premium over OpenTable’s Thursday closing price of $70.43.

OpenTable’s stock soared 48% to $104.48 Friday. Shares of Priceline were down 3% to $1,189.

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,” Darren Huston said.

Read More at https://ceojournals.com/darren-huston-priceline-ceo-to-buy-opentable-for-2-6b/
Location: Toronto, ON, Canada

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