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Kayak Shareholders Overwhelmingly Approve Priceline Merger

Shareholders of meta search site Kayak Software (UNKNOWN: KYAK.DL  ) have almost unanimously approved its merger with online travel agent priceline.com (NASDAQ: PCLN  ) . The company said Monday that approximately 96% of the total voting power of Kayak's Class A and Class B stock were voted in favor of the merger.

With the merger approved, the closing will take place once the remaining conditions, including the receipt of all required regulatory approvals, have been satisfied. Once that date is determined, Kayak and Priceline will set a date five days before then as the deadline by which shareholders will have to specify the type of consideration they wish to receive from the merger.

Priceline.com agreed to buy Kayak last November for $1.8 billion, with approximately $500 million of the purchase price to be in cash and the other $1.3 billion in equity and stock options. Shareholders have to decide whether they wish to receive consideration in cash or stock.

The deal values Kayak, which went public in July 2012, at $40 per share, a 29% premium to where the stock was trading before the deal was announced.

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Rich Duprey
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Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.

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Related Tickers

12/31/1969 7:00 PM
KYAK.DL $0.00 Down +0.00 +0.00%
Kayak Software CAPS Rating: *
PCLN $1151.37 Up +43.64 +3.94%
Priceline Group CAPS Rating: ****

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