Activist investor Starboard Value has built an over 9% stake in Tripadvisor after the online travel-review company eschewed takeover offers in the past year, according to people familiar with the matter. 

Tripadvisor shares jumped 6.7% in extended trading.

The details

Starboard, the investment firm run by Jeff Smith, has a stake valued at around $160 million based on Wednesday closing prices, which would make it one of the top shareholders in the company. The investment is expected to be revealed in a regulatory filing Thursday, the people said.

Starboard’s plans for the company couldn’t immediately be learned.

Tripadvisor’s shares have fallen about 17% in the past year, giving it a market capitalization of about $1.8 billion.

In addition to its namesake brand, which allows users to search and review hotels and other travel experiences, Tripadvisor operates Viator, a review site for bookable experiences, and TheFork, a restaurant reservation service. 

Tripadvisor’s results have been under pressure with growth slowing in its namesake website and main profit engine. In 2024, revenue from the brand Tripadvisor fell 8%, while adjusted earnings from the segment fell 14%.

Meanwhile, Viator and TheFork both grew in the double digits that year. Viator is expected by Wall Street analysts to generate more in revenue this year than the namesake brand.

The context

Last year, the company was subject to months of speculation about a possible deal. The company said in February 2024 it was forming a special committee to consider strategic alternatives, sending shares up to about $27 a share.

Then, the company in late 2024 announced it was streamlining its ownership structure, buying out its majority holder Liberty Tripadvisor Holdings for $435 million and retiring its dual-class share structure.

The disclosures about that deal revealed that several bidders approached Tripadvisor about buying the company. Some private-equity firms in early 2024 were willing to discuss offers as high as $30 a share, according to the disclosures. In early 2025, another company was willing to offer $18 to $19 a share.

The stock has recently been around $15.