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Investing.com-- Starboard Value has built an over 9% stake in Tripadvisor Inc (NASDAQ:TRIP), the Wall Street Journal reported on Wednesday, although it was not immediately clear what the activist investor was seeking from the firm.
Starboard has a stake valued at around $160 million, the WSJ report said, citing people familiar with the matter. This makes the Jeff Smith-run investment firm among the biggest shareholders in the travel website.
Tripadvisor’s shares rose 6% in aftermarket trade, following the report. They were up 8% in Wednesday’s session.
Still, Tripadvisor’s shares struggled this year as the company grappled with slowing growth in its namesake website.
But the company’s Viator and TheFork offerings clocked strong revenue growth in 2024.
Starboard’s stake in Tripadvisor is expected to be announced on Thursday, the WSJ report said. News of the stake comes after earlier reports said the company had rejected several takeover offers in the past year.