Tripadvisor
shares were sharply higher in late trading Monday after the travel advice site said it is considering a potential sale of the company.
After the close of trading on Monday, Tripadvisor said it had formed a committee of independent directors “to evaluate any proposals that may be brought forward for a potential transaction.” It has hired Centerview Partners as an advisor.
Here is the weird part:
On Friday,
Liberty TripAdvisor Holdings,
which holds 21% of Tripadvisor common stock and 57% voting control of the company, disclosed in a securities filing that its own board is engaged in discussions about a potential cash acquisition of Tripadvisor and Liberty TripAdvisor.
That filing noted Tripadvisor had formed a special committee—the same one the company itself didn’t disclose until Monday. It noted any deal would be subject to approval of the boards of both Tripadvisor and Liberty TripAdvisor.
Tripadvisor shares, which ticked up 3% in Monday’s regular session, spiked 16% in late trading. Liberty TripAdvisor’s Class A shares were 3.9% higher in Monday’s regular session at 80 cents.
Write to Eric J. Savitz at [email protected]
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