UPDATE: JUNE 13, 11:18 AM:TechCrunch reports that former SEC attorney Willie Briscoe and securities litigation firm Powers Taylor are going to probe the deal because they believe it is priced too low.
Priceline.com is buying restaurant booking service OpenTable for $2.3 billion, the travel company announced Friday, paving the way for a new line of business for the online bidding firm.
The company is offering $103 a share for OpenTable, which is 46% more than its closing price on Thursday. Priceline is hoping to close the deal in the second quarter.
"OpenTable is a great match for The Priceline Group. They provide us with a natural extension into restaurant marketing services and a wonderful and highly-valued booking experience for our global customers," Darren Huston, president and CEO of The Priceline Group said in a statement.
OpenTable came out of the first dot-com era. Founded in 1998, the company operates OpenTable.com, which lets customers book tables online. Some 31,000 restaurants are part of the system, and OpenTable claims it has seated more than 530 million patrons.
Priceline, another survivor of the first dot-com wave, will extend its reach to 15 million people that use OpenTable each month.
The pending purchase prompted a run-up in stocks for GrubHub, Yelp and Groupon, which offer similar services in the same category.