Activist Starboard Value buys 9% stake in Tripadvisor, stock rises by 7% in after hours.

Activist investor Starboard Value has acquired over 9% stake in Tripadvisor, valued at $160 million. This news caused Tripadvisor’s share price to rise by 7% in after hours trading. The company has seen a 15% drop in share price over the last year and formed a special committee to explore options, including a possible sale.

Tripadvisor and Starboard have not responded to requests for comment. Starboard, known for pushing operational changes, has a history of activism in companies like Pfizer and Autodesk. The Wall Street Journal reported that Starboard will likely file a 13D regulatory filing soon, as their stake exceeds 5% in Tripadvisor.

Read more at Yahoo Finance: Activist Starboard Value takes stake in online travel company Tripadvisor, stock jumps