Tripadvisor's Bidding Bonanza

Five Parties Seek Tripadvisor's Affection

Tripadvisor, the travel behemoth, has been the object of desire for many. Five parties, including a strategic bidder known as Party 7, have expressed interest in acquiring the company.

Party 7's Enticing Proposal

Party 7 proposed an alluring offer to purchase all Tripadvisor shares not owned by Liberty Tripadvisor for $18-$19 per share. They also offered to acquire Liberty Tripadvisor's common stock for $0.3080 per share and preferred shares for $102 million.

Committee's Disinterest

However, Tripadvisor's special committee decided to decline this offer, deeming it not in the company's best interests. The reasons for this decision remain undisclosed.

Diverse Bidders and Failed Suitor

The five bids came from a mix of strategic parties and unidentified financial sponsors. Noted investor Apollo was rumored to be a suitor, but their involvement is yet to be confirmed.

Liberty Tripadvisor's Pending Acquisition

Tripadvisor's proposed acquisition of parent company Liberty Tripadvisor for $435 million is expected to close by June 2025. This acquisition would eliminate Certares' $330 million senior preferred notes owed by Liberty Tripadvisor.

Experts' Opinion

"There was clearly a decent amount of interest in TRIP," observed BTIG Research. "Now that the complex capital structure is being addressed, it may attract more financial sponsors in the future."

Correction: There were five companies that submitted non-binding bids, not six as initially reported. Certares' proposals aimed to facilitate a merger between Tripadvisor and Liberty Tripadvisor, not to acquire them.