Tripadvisor will not sell, the company confirmed early Wednesday in a release reporting its first quarter earnings results ahead of its scheduled earnings call.
“The special committee has determined that at this time, there is no transaction with a third party that is in the best interests of the company and its stockholders,” Tripadvisor said in its earnings release.
The decision follows Tripadvisor’s February announcement that it had formed a committee and hired an advisor “to evaluate any proposals that may be brought forward for a potential transaction.”
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Days before, Liberty Tripadvisor Holdings, which is responsible for a majority voting stake of the company, gave its board approval on February 9 to engage in discussions “with respect to a potential transaction.”
While Tripadvisor won’t sell now, it stopped short of saying the company isn’t for sale, noting the special committee will still evaluate proposed alternatives if deemed appropriate. Tripadvisor said it doesn’t plan to share further updates unless something is “definitive.”
This story will be updated.
