Instead, as with most flashy tech deals, excitement took over and even lifted shares of other richly valued online services providers. It was exactly the kind of transaction that helped fuel the overheated M&A environment we still see to this day.But facts are facts and sure enough, Priceline finally had to admit it overpaid. The company said last week that it recorded a $941 million impairment charge on OpenTable for the third quarter. It also said that its post-acquisition strategy to significantly grow OpenTable internationally has "resulted in limited progress to date." And for that reason, investments in OpenTable's growth initiatives will be done "in a more measured and deliberate manner." Contrast those recent statements with this one in 2014 from then-CEO Darren Huston, who oversaw the acquisition:"We have plenty of room to grow this enough to justify the price we're paying for the asset." Not so - although the rationale was there. The thinking was that when people travel, they may also want to find restaurants to dine at nearby, creating a symbiotic relationship between Priceline's hotel bookings and OpenTable. But by the acquirer's own admission, OpenTable's international expansion, particularly in non-English-speaking countries, will be costly and has delivered little reward so far. Get the full story at Bloomberg