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.
Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Priceline.com. The Motley Fool owns shares of Priceline.com. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.