In short: Existing long up ~30% from a ~$10 cost (lows ~$9): selling TheFork (~half the market cap) to American Express for ~$700M all-cash barely moved the stock (the takeover may already have been priced in). Jeff Smith / Starboard pushing the breakup; thinks TRIP is ~50% undervalued, worth >$20 as divestitures play out.
TripAdvisor is the travel-reviews and booking site. Singh already owns it (up ~30% from a ~$10 cost) and the thesis is a breakup: it's selling off pieces for more than the market gives it credit for. It just agreed to sell TheFork — its restaurant-booking arm, worth about half the whole company — to American Express for ~$700 million in cash, yet the stock barely moved, suggesting the market hasn't woken up.
Activist investor Starboard (Jeff Smith) is pushing the sales. Singh thinks the stock is about 50% undervalued and worth more than $20 a share as the remaining divestitures play out.
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