Chinese based CTRP .com Up 11 percent on Priceline Investment

Shares of Ctrip.com CTRP are up 9% pre-market on news that Priceline PCLN is looking to invest 500 million in the via a convertible bond offering as the companies look to grow a global presence. Priceline may also look to buy shares outright, eventually holding up to 10% of the shares outstanding in CTRP. Following the news, Deutsche Bank lift their target price by 9% to $80 and maintained a Buy rating, saying the deal is a potential win-win situation, with synergies benefiting hotel and outbound travel segment. Shares of CTRP were last trading at 67.09, up 11% from the close yesterday.