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Groupon, Yelp Surge After Priceline Buys OpenTable

Myles UdlandJun 13, 2014, 17:38 IST

GrouponHK on Facebook

Shares of Groupon and Yelp are both higher in pre-market trade after Priceline struck a deal to acquire OpenTable for $2.6 billion, or $103 per share.

Groupon shares are up about 5% while shares of Yelp are up 9%.

Online food ordering service GrubHub is also up 8.5% in pre-market trade.

Groupon, the marketplace for retailers to offer discounts and coupons, and Yelp, the online review service, are OpenTable peers in the online consumer services space.

eBay, which owns the online payment service PayPal, is also higher, up about 0.7%, following the deal.

Its an interesting deal for Priceline, which is an online travel agency. Following the deal, CNBC's Julia Boorstin noted that TripAdvisor, Priceline's peer in the online travel agency space, last month bought a French restaurant booking service.

More to come ...