Starboard Value Confirms 9% Stake In TripAdvisor

(RTTNews) - According to a filing with the U.S. Securities and Exchange Commission, activist investor Starboard Value purchased 9 percent stake in Tripadvisor, Inc. (TRIP), stating that they "represented an attractive investment opportunity."

The hedge fund owned approximately 10.6 million shares, which were worth a total of about $160 million, as per a report by Reuters. The report further stated that Starboard expects to engage with the travel review company's management to discuss strategic ways to improve stock price.

In the regulatory filing, Starboard discussed about taking certain steps for value creation, such as "making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions for improving the Issuer's financial and/or operational performance."

Following this announcement, Trip is currently climbing 17.44 percent, to $17.60 on the Nasdaq.