Starboard Value and Opportunity Master Fund and other Starboard entities hold a 9.0% stake in Tripadvisor (TRIP), the firm confirmed in a regulatory filing. Starboard purchased the shares based on the belief that the “shares, when purchased, were undervalued and represented an attractive investment opportunity,” the filing noted. The activist investor intends to engage with the the company’s management and board of directors “regarding opportunities for value creation,” the filing added. In pre-market trading, Tripadvisor shares are up $1.31, or nearly 9%, to $16.30.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TRIP:
- Tripadvisor Stock Jumps as Activist Investor Starboard Acquires 9% Stake
- Starboard builds over 9% stake in TripAdvisor, WSJ reports
- TripAdvisor Elects Directors at Annual Meeting
- AI Daily: Meta said to pay Scale AI at least $450M per year for five years
- AI search disrupting web traffic as Google shifts strategy, Barron’s reports