Thestreet.com
0
All posts from Thestreet.com
Thestreet.com in Thestreet.com,

Orbitz (OWW) Stock Up as DOJ Approves Sale to Expedia

NEW YORK (TheStreet) -- Orbitz Worldwide (OWW - Get Report) stock is increasing by 0.67% to $12 in after-hours trading on Wednesday, after U.S. regulators granted Expedia (EXPE - Get Report) clearance to acquire the company in a $1.3 billion deal.

Expedia stock is up 0.94% to $125.85 in after-hours trading.

The Justice Department's Antitrust Division found that the acquisition will not reduce competition in the online travel booking market and will not affect U.S. consumers, assistant attorney general Bill Baer said in a statement.

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks with serious upside potential. See them FREE for 14-days.

Orbitz agreed to be acquired by Expedia in February for $12 per share in cash and Orbitz shareholders approved the deal in May.

The transaction will lead to only two large online travel agencies in the U.S., the other being Priceline Group (PCLN - Get Report) , but Baer pointed out that other players have entered the market in the past 18 months, including Trip Advisor's (TRIP - Get Report) Instant Booking...


More