Business Services Industry
European acquisition helps boost stock of Priceline.com.
Knight Ridder/Tribune Business News, September, 2004
The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Sep. 23--Shares of Norwalk-based Priceline.com rose 8.3 percent Wednesday after the company boosted its fourth quarter outlook to reflect the purchase of a European online travel agency known as Active Hotels.
The Active Hotels acquisition, Priceline.com officials said Wednesday, would initially cost the "name-your-own-price" travel service $161 million and would reduce third quarter earnings.
But ownership of Active Hotels would increase European travel bookings and ultimately boost fourth quarter earnings by at least a penny a share, company officials said Wednesday.
In Wednesday's trading, shares of Priceline.com rose $1.62 to close at $21.22.
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