The Priceline Group Announces Additional Investment in Ctrip
The Priceline Group Inc. (NASDAQ: PCLN) today announced that it will invest an additional $250 million in Ctrip.com International, Ltd. (NASDAQ: CTRP) ("Ctrip"), China's leading online travel company. The investment will be made via a convertible bond and Ctrip has granted permission to The Priceline Group to increase its ownership in Ctrip through the acquisition of Ctrip's American depositary shares in the open market so that, when combined with the shares issuable upon conversion of the new bond and the $500 million convertible bond issued to The Priceline Group in August 2014, The Priceline Group may hold up to 15% of Ctrip's outstanding shares.