Newman Ferrara LLP Announces Investigation of Kayak Software Corporation
NEW YORK -- November 08, 2012
Newman Ferrara LLP is investigating potential claims against the board of
directors of Kayak Software Corporation (“Kayak”) (Nasdaq: KYAK) concerning
the proposed acquisition of Kayak by web-travel rival Priceline.com
On November 8, 2012, Kayak announced that it had entered into a definitive
agreement to be acquired by Priceline in a cash and stock transaction valued
at approximately $1.8 billion. 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. However, although Kayak stated
that the proposed deal will offer Kayak shareholders with a 29% premium over
Kayak’s November 8, 2012 closing price of $31.04 per share, Kayak stock traded
at $35.83 per share as recently as November 6, 2012.
Kayak’s Board of Directors has unanimously approved the proposed deal which is
expected to close in the first quarter of 2013. As part of the deal, Kayak’s
current management team will be retained to continue to run operations as an
independent unit within Priceline.
Newman Ferrara LLP’s investigation concerns whether Kayak’s Board of Directors
has breached its fiduciary duties to act in the best 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.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy
Shimon at (212) 619-5400 or firstname.lastname@example.org to discuss this investigation,
their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with
attorneys specializing in complex commercial and multi-party litigation,
securities fraud and shareholder litigation, consumer protection, civil
rights, and real estate. For more information, please visit the firm website
Newman Ferrara LLP
Roy Shimon, 212-619-5400
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