On Monday, Tripadvisor (NASDAQ: TRIP) announced the formation of a special committee and the hiring of an advisor “to evaluate any proposals that may be brought forward for a potential transaction.”
The Special Committee’s mandate is to evaluate any proposals for a potential transaction, as well as any alternatives, involving Tripadvisor, including those that may arise in the future as a result of Liberty TripAdvisor Holdings, Inc. (“LTRP”)’s recent SEC disclosure of its intent to evaluate potential alternatives involving LTRP and Tripadvisor.
Liberty Tripadvisor has a 57% voting stake in Tripadvisor but slightly more than 20% of the company’s shares.
The Special Committee has hired Centerview Partners LLC to serve as its financial advisor during the review process. There is no guarantee that such an appraisal will result in a transaction or that it will occur at all. Any possible transaction would be subject to the negotiation and execution of mutually acceptable definitive transaction papers and Board approval, including approval by the Special Committee. Tripadvisor does not intend to disclose any developments in this matter unless the Special Committee and the Board deem that such disclosure is appropriate or necessary, save as required by law or other regulatory requirements.
The Special Committee of Tripadvisor has not reached any conclusions regarding a possible deal, and it is a warning to stockholders and others who may be considering trading in its securities. This announcement does not constitute an offer to purchase or sell Tripadvisor’s common stock shares. At this point, Tripadvisor stockholders are not required to take any action.