Updated from 9:06 a.m.

Cheap Tickets ( CTIX) was up 37.7% in early trading after Cendant ( CD) agreed to acquire the online airline ticket seller for $16.50 a share. That represents a 39% premium over the stock's closing price Friday of $11.85.

Cendant said the total value of the cash deal is roughly $425 million. The deal is expected to close this fall.

Further details were not immediately available.

Shares of Cendant were up 0.3%.

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