Ctrip Denies Tencent Buyout Talk Rumors

by Christopher Freeburn | July 10, 2013 10:12 am

Ctrip Denies Tencent Buyout Talk Rumors

china pagoda 630 300x225 Ctrip Denies Tencent Buyout Talk Rumors[1]Shares of Ctrip.com (CTRP[2]) surged almost 5% in Wednesday morning trading after the company shot down rumors that it was in discussions to be acquired[3].

Chatter recently surfaced on Chinese social media websites indicating that Ctrip had entered into discussions with an unnamed China-based Internet company, which was looking to take a controlling stake in the travel service provider.

Ctrip allows users to obtain hotel and flight information on its website to assist with travel planning for trips to China[4]. The company was established in 1999.

In a statement, Ctrip said it was “not currently in discussion was any third party” on a possible acquisition.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/china-pagoda-630.jpg
  2. CTRP: http://studio-5.financialcontent.com/investplace/quote?Symbol=CTRP
  3. shot down rumors that it was in discussions to be acquired: http://www.prnewswire.com/news-releases/ctripcom-international-ltd-denies-acquisition-rumors-214893411.html
  4. travel planning for trips to China: http://investorplace.com/2009/08/china-stocks-ctrip-stock-ctrp/

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