Cheap Tickets Leaps on Offer From Cendant

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%.

More from Technology

Deconstructed: Why Micron's Stock Has Exploded 11% in 13 Hours

Deconstructed: Why Micron's Stock Has Exploded 11% in 13 Hours

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

4 Billionaires Trying to Make Space Travel a Reality

4 Billionaires Trying to Make Space Travel a Reality

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament

Facebook CEO Mark Zuckerberg Deflects Tough Questions From European Parliament