Online travel company Priceline Group Inc. (PCLN) and online restaurant reservations provider OpenTable Inc. (OPEN) announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended ("HSR"), in connection with Priceline Group's proposed acquisition of OpenTable, was terminated early on July 7, 2014, by the U.S. Federal Trade Commission. The waiting period was scheduled to expire at 11:59 P.M., New York time, on July 7, 2014.
The termination of the HSR waiting period satisfies one of the conditions to consummate the tender offer. Other conditions remain to be satisfied, including, among others, a minimum tender of at least a majority of outstanding OpenTable shares on a fully diluted basis.
The tender offer is scheduled to expire at midnight, New York City time, on July 24, 2014 (one minute after 11:59 p.m., New York City time on July 23, 2014), unless the tender offer is extended or earlier terminated in accordance with the rules and regulations of the United States Securities and Exchange Commission and the merger agreement governing such offer and the related transactions.
On June 13, 2014, Priceline Group agreed to acquire OpenTable for $103 per share or $2.6 billion in cash.
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