DALLAS AND SPRINGFIELD, MO Hotel Reservations Network (HRN), a provider of discount hotel accommodations on the Internet, and TravelNow.com, an Internet travel site, have entered into a definitive merger agreement pursuant to which HRN will acquire all of the outstanding shares of TravelNow for $4.16 per share in cash. Including shares of TravelNow that were previously purchased by HRN, as well as certain other contractual payments in the transaction, the total value of the acquisition is approximately $47.4 million.
The merger agreement provides that, by no later than January 18, 2001, HRN will commence a tender offer for all outstanding shares of TravelNows common stock. The board of directors of TravelNow has unanimously approved the merger agreement and recommends that shareholders tender their shares into the tender offer. (1/4/01)