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Article: Hotel Reservations Network Completes Acquisition of TravelNow.com.
- Article from:
- PR Newswire
- Article date:
- February 16, 2001
CopyrightCOPYRIGHT 2001 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DALLAS, Feb. 16 /PRNewswire/ --
Hotel Reservations Network, Inc. (HRN) (Nasdaq: ROOM) today completed its previously announced merger with TravelNow.com Inc. (Nasdaq: TNOW). TravelNow is now a wholly owned subsidiary of HRN.
HRN last week announced the successful completion of a tender offer, with TravelNow stockholders tendering 9,585,965 shares of TravelNow common stock, which represented approximately 87.45% of TravelNow common stock on a fully-diluted basis. Upon completion of the tender offer, HRN owned approximately 97.33% of the outstanding shares of TravelNow on a fully-diluted basis. The net cost of the acquisition was approximately $47.4 ...