Orbitz shareholders approve $1.3 billion Expedia merger
Orbitz’s shareholders have approved a takeover by rival Expedia, Orbitz said Wednesday.
A vote was taken at the online travel company’s annual stockholder meeting in Chicago on Wednesday. More than 99 percent of the votes favored the acquisition, Orbitz said.
In February, Expedia said it would buy Orbitz in deal worth about $1.3 billion. The companies still need regulatory approval for the deal to close. In March, the U.S. Department of Justice requested documents from Orbitz and Expedia in order to review the acquisition. The companies did not say when they expect the deal to close.
The two companies own several websites that allow travelers to book airline tickets, hotel rooms or car rentals. Chicago-based Orbitz Worldwide Inc. owns HotelClub.com, Orbitz.com and CheapTickets.com. Expedia Inc., based in Bellevue, Washington, owns Expedia.com, Hotels.com and Hotwire.com.
Orbitz shares rose 2 cents to $11.49 in afternoon trading Wednesday. Expedia shares rose 22 cents to $110.86.
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