Starboard issued a letter to Tripadvisor, Inc. (TRIP)
Market Cap: $1.3 billion | TripAdvisor, Inc., an online travel company, engages in the provision of travel guidance products and services worldwide.
On July 3, 2025, Starboard (9%) stated that it intends to engage with the management and Board of Directors regarding opportunities for value creation. Source
On October 21, 2025, Starboard issued a presentation arguing that the company is significantly undervalued (trading at ~6.5× projected CY2026 EBITDA vs. ~12×+ for peers) and outlines a value-unlock thesis: selling TheFork at a premium, improving Viator’s margins (towards “OTA-like” levels), and monetising Tripadvisor data/brand more effectively (eg licensing for AI/LLM-use), which could drive pro-forma valuation to as low as ~2.5× EBITDA. They also point to recent governance change (one-share one-vote since April 2025) as a catalyst.
On February 17, 2026, Starboard sent a letter criticizing the company’s prolonged underperformance and the board’s failure to act decisively amid rapid industry change, arguing that significant value-creation opportunities—including a potential sale in one or more transactions—are being overlooked. Starboard stated that a reconstituted board is needed to bring urgency and properly evaluate strategic alternatives, and it announced plans to nominate a majority slate of directors at the 2026 annual meeting.
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