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Kayak Software Corp (NASDAQ:KYAK) Investor Files Lawsuit Against Acquisition By Priceline.com Incorporated

  • If you purchased shares of Kayak Software Corp (NASDAQ:KYAK) prior to November 8, 2012, and currently hold any of those NASDAQ:KYAK shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Kayak Software Corp
Security
NASDAQ: KYAK

Case Name
Kayak Deal Case 11/16/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

Nov. 16, 2012 (Shareholders Foundation) -- An investor in shares of Kayak Software Corp (NASDAQ:KYAK) filed a lawsuit against directors in effort to block the proposed buyout of Kayak Software Corp by Priceline.com Incorporated for a value of approximately $40 per NASDAQ:KYAK share.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:KYAK stockholders by agreeing to sell the company too cheaply via an unfair process to Priceline.com Incorporated.

On November 8, 2012, Priceline.com Incorporated announced that it has signed an agreement for the Priceline Group to acquire Kayak Software Corp in a stock and cash transaction. Under the terms of the agreement, the transaction values Kayak Software Corp at $1.8 billion ($1.65 billion net of cash acquired) or approximately $40 per share of Kayak Software Corp , with the Priceline Group paying approximately $500 million of the consideration in cash and $1.3 billion in equity and assumed stock options.

However, the plaintiff claims that the offer is unfair to NASDAQ:KYAK stockholders and undervalues the company. Indeed, Kayak Software Corp (NASDAQ:KYAK) reported that its annual Revenue rose from $112.02 million in 2008 to $224.53 million in 2011 and its Net Income increased from $5.10 million in ’08 to $9.70 million in 2011.

Furthermore, the plaintiff alleges that the process is unfair to NASDAQ:KYAK stockholders as well.