Activist investor Starboard builds 9% stake in Needham-based Tripadvisor
While Tripadvisor posted better-than-expected results in the first quarter, its core business remains under pressure from factors including increased competition and weaker travel demand.
In February 2024, Tripadvisor announced it was forming a special committee to evaluate any potential takeover proposals after its board authorized talks on a possible acquisition. The following month, Bloomberg News reported that Apollo Global Management Inc. had expressed interest in exploring a bid for the company.
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Starboard is returning to consumer-facing investments after being frustrated in some high-profile campaigns in other sectors last year—most notably at News Corp. and Pfizer Inc. The New York-based firm, which is led by Jeff Smith, has secured important victories this year, including at consumer health company Kenvue Inc.
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