Three months ago, Needham-based travel metasearch company Tripadvisor formed a special M&A committee to evaluate potential suitors. On Wednesday, the committee announced its conclusion: "At this time, there is no transaction with a third party that is in the best interests of the company and its stockholders."
Tripadvisor made the statement public on Wednesday, in conjunction with its first-quarter earnings release.
As of 10:20 a.m. Wednesday, shares of Tripadvisor were down about 30%, erasing nearly $1 billion in market value. The firm's market capitalization was about $2.5 billion in morning trading.
More on this story from Boston Business Journal
Get Boston local news, weather forecasts, lifestyle and entertainment stories to your inbox. Sign up for NBC Boston’s newsletters.
Copyright Boston Business Journal
