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Investing.com -- Activist investor Starboard Value has confirmed a 9% stake in TripAdvisor (NASDAQ:TRIP), according to a 13D filing.
The stake, which represents 10,635,484 shares with sole dispositive power, is valued at approximately $160 million based on Wednesday’s closing price of $15.
TripAdvisor shares gained following a Wall Street Journal report about the investment, with the filing confirming the earlier rumor.
According to the filing, Starboard purchased the shares based on their belief that TripAdvisor stock was undervalued and represented an attractive investment opportunity at the time of purchase.
The activist investor stated its intention to engage with TripAdvisor’s management and Board of Directors regarding "opportunities for value creation." Starboard plans to review its investment in the company on a continuing basis.
The filing indicates Starboard may take various actions regarding its investment depending on factors including TripAdvisor’s financial position, investment strategy, share price levels, securities market conditions, and general economic and industry conditions.
These potential actions could include communications with management, discussions with stockholders or third parties about the company and Starboard’s investment, making recommendations about capitalization, ownership structure, board composition, or suggestions for improving financial and operational performance.
The filing also mentions the possibility of purchasing additional shares, selling some or all of their shares, or engaging in short selling or hedging transactions.
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