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Activist Investor Starboard Value Takes 9% Stake in Tripadvisor, Shares Jump

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Activist investment firm Starboard Value has acquired over a 9% stake in online travel company Tripadvisor, valued at approximately $160 million, sources said Wednesday. The news drove Tripadvisor’s stock price up 7% in after-hours trading.

Tripadvisor, known for its hotel and restaurant review and search tools, has seen its shares fall about 15% over the past year. Earlier this year, Tripadvisor’s board formed a special committee to explore strategic options, including a potential sale.

Starboard Value is known for pushing operational and strategic changes in its target companies but neither Tripadvisor nor Starboard immediately responded to Reuters’ requests for comment. The Wall Street Journal first reported the stake acquisition.

Starboard’s CEO Jeffrey Smith recently joined the board of consumer healthcare company Kenvue and has previously advocated for changes at Pfizer and Autodesk. The firm is expected to file a 13D regulatory disclosure soon, signaling intentions to influence Tripadvisor’s management and operations.

Starboard Builds 7.7% Stake in Chipmaker Qorvo, WSJ Reports

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Activist investment firm Starboard Value has accumulated a 7.7% stake in the semiconductor company Qorvo, valued at approximately $500 million, according to a report by the Wall Street Journal on Thursday. The details of the investment are expected to be disclosed in a securities filing scheduled for Friday morning.

While the specific intentions of Starboard regarding Qorvo remain unclear, the investment firm is reportedly seeking to push for changes at the company, which has been struggling with a lagging stock price. Both Starboard Value and Qorvo have not yet responded to requests for comment.

Starboard, led by Jeffrey Smith, is recognized as one of the world’s leading activist investors and has recently advocated for changes at companies like Pfizer, News Corp, and Salesforce.