Jun. 23, 2014, 1:16 PM
- Sources tell dealReporter OpenTable (OPEN +0.1%) talked with bidders other than Priceline (PCLN -0.1%) before accepting the online travel giant's $2.6B bid.
- Though a higher offer is seen as unlikely, one source thinks Yahoo (set to receive an Alibaba IPO windfall) could make a bid. OpenTable is currently 1.9% above Priceline's $103/share offer price.
- Yelp (YELP +3.6%), which blasted off after Priceline/OpenTable was announced, is rallying again. Volatile restaurant deals microcap LiveDeal (LIVE +9.3%) is also up strongly.
- Previous: Street commentary on Priceline/OpenTable
Jun. 13, 2014, 8:07 AM
- The all-cash deal valuing OPEN at $2.6B is expected to close in Q3. The price is a 46% premium to last night's close.
- “The kind of work that we do day-to-day is very similar,” says Priceline (PCLN) CEO Darren Huston. “It’s just a different marketplace.”
- A conference call to discuss is set for 8:30 ET.
- Source: Press Release
Feb. 6, 2014, 6:12 PM
- In tandem with its Q4 report, OpenTable (OPEN) has announced it's acquiring Ness Computing, developer of an iOS app that offers personalized restaurant recommendations, for $17.2M ($11.3M net of estimated cash on hand).
- OpenTable suggests it will use Ness' team and technology to improve the restaurant discovery/recommendation features of its own apps; Ness' app will be discontinued. The deal comes a year after OpenTable acquired Foodspotting, maker of a well-used app for finding and sharing restaurant dishes.
- Shares have added to their AH losses, as OpenTable's soft EPS guidance (the result of aggressive 2014 investment plans) overshadows a Q4 beat. The company's seated diners rose 34% Y/Y in Q4 to 44M, and its installed restaurant base 15% to 31.5K.
Aug. 1, 2013, 11:14 AM
- OpenTable (OPEN +7.2%) is buying Rezbook, the restaurant reservation platform developed by InterActiveCorp's (IACI -1.7%) UrbanSpoon restaurant app unit.
- Rezbook was once feared as a serious rival to OpenTable, but the platform has made limited headway in the face of OpenTable's superior network effects. It currently has ~2K restaurant customers to OpenTable's 28K+.
- As part of the deal, OpenTable is becoming the North American reservation platform for Urbanspoon's popular apps.
- The deal comes as Yelp and Groupon both make efforts to encroach on OpenTable's turf.
- OpenTable's Q2 results arrive this afternoon.
Jul. 18, 2013, 5:59 PMYelp (YELP) wants to take on OpenTable (OPEN): the local reviews leader is spending $12.7M (mostly in stock) to acquire SeatMe, owner of a Web/iPad reservation platform for restaurants and nightlife venues. Yelp notes it has ~1M U.S. business listings in the restaurant and nightlife categories, giving it plenty of reach to leverage SeatMe's platform. The announcement comes a week after Yelp launched a platform for taking orders and processing transactions, and two weeks after Groupon launched a high-end restaurant reservation service. OPEN -5.5% AH. YELP +1.4%. | Comment!
May 21, 2013, 11:18 AMFood delivery websites Seamless and Grubhub will merge to create a company that could take the niche industry to the next level. Though online food ordering sites are a hodge-podge of various options, the Seamless-Grubhub combination could lead to an expansive national rollout and a dominant industry position in the space. Should Yelp (YELP +1.4%) or Open Table (OPEN +2.7%) be worried about the threat of expanded services from the new company? | Comment!
Jan. 29, 2013, 12:58 PMOpenTable (OPEN +1.2%) is acquiring Foodspotting, developer of a popular app for finding and sharing restaurant dishes, for ~$10M in cash. Look for OpenTable, which already has a partnership with Foodspotting, to integrate the startup's photo and social-sharing features into its reservation apps. Q4 results are due on Feb 7. | Comment!
Oct. 21, 2012, 8:25 PMOpenTable (OPEN - $985M market cap) and Millennial Media (MM - $1.12B market cap) were among the companies Yahoo (YHOO) "appeared to show interest" in buying when pitched on deals by bankers, a source tells Reuters. Also reportedly piquing Yahoo's interest were PubMatic, a provider of ad monetization services for Web publishers, and Turn, a developer of ad targeting apps. Yahoo, which is giving back 85% of its Alibaba proceeds to shareholders, is said to be eying targets that can improve either user engagement or ad monetization. | 3 Comments
Sep. 9, 2011, 3:10 PM
Sep. 8, 2011, 5:12 PMErick Schonfeld believes Google (GOOG) acquired Zagat for less than $66M, given no FTC review was announced, and such reviews are mandatory for deals larger than $66M. If true, that means Google bought the company for much less than the ~$120M shaved off OpenTable's (OPEN -8.3%) market cap following news of the deal. (previously) | Comment!
Sep. 8, 2011, 11:42 AM
OpenTable, Inc. provides solutions that form an online network connecting reservation-taking restaurants & people who dine at those restaurants. Its solutions are Electronic Reservation Book for restaurant customers and reservation website for diners.
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