Key Developments: Kayak Software Corp (KYAK.O)
40.12USD
17 May 2013
$0.00 (+0.00%)
$40.12
$40.15
$40.15
$40.04
13,154
75,824
$42.75
$26.01
Latest Key Developments (Source: Significant Developments)
Priceline.com Inc And Kayak Software Corp Review Of Proposed Merger By UK Office Of Fair Trading
Kayak Software Corp and Priceline.com Inc announced that the parties have been informed by the UK Office of Fair Trading (OFT) that the administrative deadline for the OFT's review of the merger of KAYAK with priceline.com is expected to be in May 2013. Full Article
Levi & Korsinsky, LLP Announces Investigation Of Kayak Software Corp
Levi & Korsinsky announced that it is investigating the Board of Directors of Kayak Software Corp for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to priceline.com Incorporated under which shareholders would receive cash and stock valued at approximately $40 per share. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Kayak Software Corp
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of Kayak Software Corp for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to priceline.com Incorporated in a cash-and-stock deal valued at approximately $1.8 billion. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Kayak Software Corp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Kayak Software Corp relating to the proposed acquisition by Priceline.com Inc. Under the terms of the transaction, Kayak shareholders may elect to receive either cash or stock with a value of $40.00 for each share on Kayak common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Kayak for not acting in the Company's shareholders' best interests in connection with the sale process to Priceline. Specifically, the investigation seeks to determine if conflicts of interest played a role in the transaction as, following the merger, Kayak's current management team will continue to manage Kayak's operations. Full Article
Faruqi & Faruqi, LLP is Seeking More Cash for Shareholders of Kayak Software Corp
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced is investigating the Board of Directors of Kayak Software Corp for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to priceline.com Incorporated in a cash-and-stock deal valued at approximately $1.8 billion. Under the terms of the proposed transaction, KAYAK’s stockholders have the right to receive cash or stock with a value of $40 per each KAYAK share they own (subject to (i) the collar mechanism described below and (ii) pro ration such that the overall consideration in the deal to KAYAK shareholders will consist of one-third cash and two-thirds stock). The stock portion of the consideration will be subject to a 10% collar pursuant to which the value of the priceline.com stock delivered to those receiving stock will be $40 per KAYAK share so long as the aggregate volume-weighted average priceline.com trading price for the 30-day period ending two days prior to closing of the transaction is between $571.31 and $698.27 per priceline.com share. The investigation focuses on whether KAYAK’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of KAYAK’s shareholders. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate Sale Of Kayak Software Corp To priceline.com
Willie Briscoe and Powers Taylor, LLP announced that they are investigating the sale of Kayak Software Corporation (Kayak) to priceline.com for shareholders. Under the proposed sale, Kayak shareholders will only receive $40 in cash for each share of Kayak common stock owned in a deal valued at approximately $1.3 billion. The Kayak sale investigation centers on whether Kayak shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Kayak stock, and whether Kayak`s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Shareholder rights attorney Willie Briscoe stated that due to the fact that Kayak only went public less than four months ago, we believe that this proposed sale may undervalue Kayak stock. Our lawsuit will seek to obtain the highest share price for all shareholders. The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Full Article
Robbins Umeda LLP Announces an Investigation of Kayak Software Corp
Robbins Umeda LLP announced that it has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Kayak Software Corporation in connection with their efforts to sell the Company to priceline.com Inc. On November 8, 2012, Kayak and Priceline announced that they had entered into a definitive merger agreement under which Kayak will acquire Priceline. According to the terms of the deal, Priceline will acquire Kayak through a cash-and-stock transaction with a total value of $1.8 billion consisting of $500 million in cash and $1.3 billion in stock. Kayak shareholders will have the right to elect to receive cash or stock with a value of $40 per Kayak share. The acquisition has already been approved by the board of directors of both companies. The transaction is expected to close late in the first quarter of 2013. Full Article
Newman Ferrara LLP Announces Investigation Of Kayak Software Corp
Newman Ferrara LLP is investigating potential claims against the Board of Directors of Kayak Software Corporation concerning the proposed acquisition of Kayak by web-travel rival Priceline.com Incorporated. Under the terms of the agreement, Kayak's shareholders will have the right to elect to receive cash or stock with a value of $40.00 per share of Kayak stock owned. Newman Ferrara LLP's investigation concerns whether Kayak's Board of Directors has breached fiduciary duties to act in the interests of Kayak`s shareholders and to take all necessary steps to ensure that Kayak's shareholders receive the maximum value readily available for their shares of Kayak common stock. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of Kayak Software Corp
Levi & Korsinsky is investigating the Board of Directors of Kayak Software Corporation for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to priceline.com Incorporated. Under the terms of the transaction, Kayak shareholders will receive $40 in cash and stock for each share of Kayak stock they own. The transaction has a total approximate value of $1.8 billion. The investigation concerns whether the Kayak Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether priceline.com Incorporated is underpaying for Kayak shares, thus unlawfully harming Kayak stockholders. Full Article
Block & Leviton LLP Investigates Kayak Software Corporation For Possible Breaches Of Fiduciary Duty In Connection With Its Acquisition By Priceline.com Incorporated
Block & Leviton LLP announced that it has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of Kayak Software Corporation (Kayak or the Company) with regards to the proposed acquisition of the Company by priceline.com Incorporated (Priceline) in a cash and stock transaction scheduled to close late in the first quarter of 2013. Under the terms of the agreement, Priceline will acquire Kayak in a cash and stock offer for approximately $40.00 per share, funded by $500 million in cash and $1.3 billion in stock. Kayak securities reached their 52 week high in October 2012, and traded at $35.83 two days before the proposed transaction was announced, steadily increasing in value since the Company first went public in August 2012. Moreover, the Company has just announced record profits in their financial results for the third quarter 2012. Full Article
UPDATE 1-Priceline sees Q2 profit below estimates, shares fall
May 9 - Online travel agency Priceline.com on Thursday forecast second quarter profit would fall below analysts' estimates due to global expansion costs and its shares slid 3 percent in after hours trading.
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