NORWALK, Conn., May 21, 2013 /PRNewswire/ -- Priceline.com
Incorporated (NASDAQ: PCLN) ("priceline.com") and KAYAK Software
Corporation (NASDAQ: KYAK) ("KAYAK") today announced the successful
completion of the acquisition of KAYAK by priceline.com. In
accordance with the terms of the transaction as previously
announced, KAYAK merged with and into a wholly-owned subsidiary of
priceline.com. Priceline.com paid approximately $522.4 million in cash and issued approximately
1,519,717 shares of common stock in connection with the merger, in
addition to assuming outstanding KAYAK stock options.
As previously announced, KAYAK will continue to operate as an
independent brand within The Priceline Group.
"We are delighted to welcome KAYAK as the newest member of The
Priceline Group," said Jeffery H.
Boyd, Chairman and Chief Executive Officer of The Priceline
Group. "We look forward to working with the KAYAK team as
they build their business and expand the international footprint of
their great products."
"We are excited to join the world's premier online travel
company," said Steve Hafner, KAYAK
Chief Executive Officer and Co-founder. "We believe that The
Priceline Group's expertise and worldwide reach will help us expand
our business globally." Paul
English, KAYAK Chief Technology Officer and Co-founder
added, "Our focus will remain creating the best place for travelers
to plan and book their travel and providing an effective marketing
channel for travel suppliers and online travel agencies."
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains "forward-looking" statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995, known as the PSLRA. These statements involve risks and
uncertainties that may cause results to differ materially from
those set forth in the statements. These statements are based on
current plans, estimates and projections, and therefore, you are
cautioned not to place undue reliance on them. No forward-looking
statement can be guaranteed. Neither priceline.com nor KAYAK
gives any assurance that either priceline.com or KAYAK will achieve
its expectations, and actual results may differ materially from
those projected. Priceline.com and KAYAK undertake no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise, except to the
extent required by law. Forward-looking statements are not
historical facts, but rather are based on current expectations,
estimates, assumptions and projections about the business and
future financial results of the online travel industry, and other
legal, regulatory and economic developments. Priceline.com and
KAYAK use words such as "anticipates," "believes," "plans,"
"expects," "projects," "future," "intends," "may," "will,"
"should," "could," "estimates," "predicts," "potential,"
"continue," "guidance," and similar expressions to identify these
forward-looking statements that are intended to be covered by the
safe harbor provisions of the PSLRA. Actual results could differ
materially from the results contemplated by these forward-looking
statements due to a number of factors, including, but not limited
to, those described in the documents priceline.com and KAYAK have
filed with the U.S. Securities and Exchange Commission (the "SEC")
as well as the possibility that problems may arise in successfully
integrating the businesses of priceline.com and KAYAK or such
integration may be more difficult, time-consuming or costly than
expected, that the parties may not realize the expected benefits of
the merger or that future risks could arise.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties that affect the businesses of priceline.com and KAYAK
described in the "Risk Factors" section in priceline.com's and
KAYAK's Annual Report on Form 10-K, priceline.com's and KAYAK's
Quarterly Reports on Form 10-Q, the Registration Statement on Form
S-4 (No. 333-185465) filed by priceline.com in connection with the
merger on February 1, 2013 and other
documents filed by either of them from time to time with the SEC.
All forward-looking statements included in this document are based
upon information available to priceline.com and KAYAK on the date
hereof, and neither priceline.com nor KAYAK assumes any obligation
to update or revise any such forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date hereof.
About The Priceline Group
The Priceline Group (Nasdaq:
PCLN) is a leader in global online hotel reservations. The
Priceline Group is composed of five primary brands - Booking.com,
priceline.com, Agoda.com, KAYAK and rentalcars.com, and several
ancillary brands. The Priceline Group provides online travel
services in over 180 countries and territories in Europe, North
America, South America, the
Asia-Pacific region, the
Middle East and Africa.
Booking.com is the number one online hotel reservation service
in the world, offering over 295,000 hotels and accommodations (as
of May 3, 2013), and is available in
41 languages. More recent counts are available on the Booking.com
website. Priceline.com gives leisure travelers multiple ways to
save on their airline tickets, hotel rooms, rental cars, vacation
packages and cruises. In addition to getting compelling published
prices, travelers can take advantage of priceline.com's famous Name
Your Own Price® service, which can deliver the lowest
prices available, or the recently added Express DealsSM,
where travelers can take advantage of hotel discounts without
bidding. Agoda.com is an Asia-based online hotel reservation service
that is available in 38 languages. Rentalcars.com is a
multinational rental car service, offering its reservation services
in over 6,000 locations and providing customer support in 40
languages. KAYAK's websites and mobile apps allow people to
easily compare information from hundreds of travel sites at
once.
SOURCE Priceline.com; KAYAK