Block & Leviton LLP Investigates Kayak Software Corporation for Possible Breaches of Fiduciary Duty in Connection with Its Acquisition by Priceline.com Incorporated
BOSTON, Nov. 8, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of Kayak Software Corporation ("Kayak" or the "Company") (NASDAQ: KYAK) with regards to the proposed acquisition of the Company by priceline.com Incorporated ("Priceline") in a cash and stock transaction scheduled to close late in the first quarter of 2013.
Under the terms of the agreement, Priceline will acquire Kayak in a cash and stock offer for approximately $40.00 per share, funded by $500 million in cash and $1.3 billion in stock. Kayak securities reached their 52 week high in October 2012, and traded at $35.83 two days before the proposed transaction was announced, steadily increasing in value since the Company first went public in August 2012. Moreover, the Company has just announced record profits in their financial results for the third quarter 2012. In a press release delivered concurrently with the proposed transaction announcement, Steve Hafner, Kayak Chief Executive Officer and cofounder, stated "We generated record revenue and profits. Our investments in product development, marketing, geographic expansion and mobile applications are paying off."
Block & Leviton's investigation seeks to determine, among other things, whether Kayak's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Priceline, and the fairness of the process by which the Kayak Directors considered and approved the transaction.
If you are a Kayak shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP