從Tripadvisor重組看當地玩樂的退出新趨勢
Examining the Local Experience Exit Trend Through Tripadvisor's Restructuring

海擇短評 Haize Comment：

從Tripadvisor重組看當地玩樂的退出新趨勢

2024年12月，Tripadvisor（NASDAQ: TRIP）宣布了計劃，公告將收購其控股母公司 Liberty TripAdvisor Holdings, Inc.（以下簡稱 Liberty TripAdvisor），這筆交易預計在 2025 年第二季度完成。按照Tripadvisor的公司章程，公司股權依投票權大小區分為AB股，Liberty TripAdvisor持有Tripadvisor的21%股權與57%的投票權。依照官方說法，”收購”的主要目的是簡化Tripadvisor的股權結構，減少多層控股帶來的複雜性，並為其未來的發展創造更大的戰略靈活性。

簡單來說，雖然攜程（NASDAQ: TCOM）在2019年取得Tripadvisor股票時，做法是以Trip.com 的部分股份（據報6%），交換Tripadvisor增發的普通股，而非直接從Liberty TripAdvisor購買。但原因是雙方的定位是戰略合作，而非影響Liberty TripAdvisor的控股地位（雖然它可能也想）。但現在若Liberty TripAdvisor想大規模退出TripAdvisor，就必須提前盪清障礙。

"貼心"的收購方案

Tripadvisor對控股股東很貼心，選擇了全資收購（當然這是有原因的，下述）。Liberty TripAdvisor的總股本約8,213萬股，這筆交易的總對價約為4.35億美元，其中包括約 2,000 萬美元現金支付給普通股股東（每股約0.257美元）、4,250 萬美元現金及3百萬股Tripadvisor的增發股，支付給優先股股東；同時，Liberty TripAdvisor所發出的債券與其他債務（約3.3億美元），也由Tripadvisor償還。最終，Tripadvisor會將回購的股份註銷19%（係指Tripadvisor總股權的19%，而非Liberty TripAdvisor持有股權裡面的19%），簡化股東結構。

收購戰略的不合理

此交易表面上是為了解決Liberty TripAdvisor作為控股母公司，在重大決策時可能有的內部分歧，畢竟前三大機構股東Crimson Asset Management、Wittenberg Investment Management與Triad Investment Management，持股比例僅分別為7.1%、6.7%與5.2%。

但實際上，Liberty TripAdvisor 的主要控制權集中在董事長兼首席執行官Gregory Maffei手中。Maffei同時控有兩家公司的 B 類優先股，Liberty TripAdvisor控有Tripadvisor超過57%的投票權，而Maffei本人又持有Liberty TripAdvisor總投票權約39%。這意味著，與Tripadvisor有關的交易可以出於Maffei的個人決策，不需要是董事會或股東全員的普遍共識。因此，交易雖被設計成市場行為，本質上更像是Maffei "左手轉右手"的操作。

真正的收購意義

海擇資本認為，這次收購的關鍵在於，Maffei選擇將Liberty TripAdvisor超過 57% 的投票權變現，同時減緩可能來自監管機構對股權結構過於集中的壓力。如果Liberty TripAdvisor將股權全額出售給第三方投資者，將涉及複雜的反壟斷審查和監管批准，特別美國總統川普在上個任期中，曾發布行政命令，基於美國國家安全的考量，禁止中國PMS公司石基信息收購美國公司StayNtouch，這證明川普心中”國家安全”的紅線，也可能劃旅遊行業上。但是，Liberty TripAdvisor直接將股票賣回Tripadvisor後未來再進行轉售，雖然多了一步，但可能更容易通過監管。

其實Liberty TripAdvisor現在也面臨法律問題，若計算普通股與優先股的每股收購單價，可以發現，Maffei所持有的優先股，每股收購均價（加計增發股的利益）最終可能是普通股的50倍以上，不過這是律所Halper Sadeh所處理的問題了，我們不細述。

股權變動障礙清除之後

我們認為，這筆交易不僅清除了Tripadvisor本身被收購的股權結構障礙，也為其旗下當地玩樂類子公司Viator和The Fork的潛在交易鋪平了道路。考慮到以住宿收入為核心的Tripadvisor平台，近年收入頗有江河日下之勢，也不能排除Maffei可能選擇將子公司的價值將直接與母公司綁定成資產包，方便與母公司一併出售。畢竟高增速的Viator與The Fork，是這幾年Tripadvisor電話會議時永遠記得提醒投資人的亮點事業。

1月中Tripadvisor 特別委員會於收到一份非約束性的意向書，提議以每股18至19美元的現金價格收購Liberty TripAdvisor未持有的Tripadvisor股份，並以每股 0.308美元的價格收購Liberty TripAdvisor普通股，同時以1.02億美元收購優先股。

怎麼右手轉左手還殺出程咬金？其實，如果把Tripadvisor的收購價，當成Maffei對外投石問路的售股底價，這就很好理解。雖然Tripadvisor平台江河日下，但在AI時代，它有價值的資產還有很多，最後甚至左手決定不賣給右手，我們認為也很有可能。陰謀論總是有市場的原因在於，永遠有很多交易正在檯面下進行。

當地玩樂退出潮啟動

我們特別談這筆交易的原因在於，這場收購不僅是Tripadvisor與Liberty TripAdvisor的內部重組，更像是旅遊行業資本運作的縮影。Maffei的操作顯示出行業巨頭對資本效率和市場機會的敏感性，也為當地玩樂市場的未來提供了新的啟示──或許當地玩樂類創業公司的退出潮已經悄然啟動。從KKday、Klook，到GetYourGuide、Viator，越來越多的平台已經到了IPO或併購退出的階段，我們看到的是，從Liberty TripAdvisor如期交易的那一天起，市場整合將敲響鐘聲。對於整個行業而言，這或許是一個新的開始，也是大規模整合的前奏。

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Haize Capital Insights of the Day

Examining the Local Experience Exit Trend Through Tripadvisor's Restructuring

The Origin of Tripadvisor's Acquisition of Liberty TripAdvisor

In December 2024, Tripadvisor (NASDAQ: TRIP) announced its plan to acquire its controlling parent company, Liberty TripAdvisor Holdings, Inc. (hereafter referred to as Liberty TripAdvisor). This transaction is expected to be completed in the second quarter of 2025. According to Tripadvisor’s corporate bylaws, the company’s shares are divided into Class A and Class B shares based on voting rights. Liberty TripAdvisor holds 21% of Tripadvisor’s equity but controls 57% of its voting rights. According to official statements, the primary purpose of the "acquisition" is to simplify Tripadvisor’s equity structure, reduce the complexities caused by multi-layered ownership, and create greater strategic flexibility for its future development.

Simply put, in 2019, when Trip.com (NASDAQ: TCOM) acquired Tripadvisor shares, it exchanged 6% of its subsidiary Trip.com’s equity for newly issued common shares of Tripadvisor rather than purchasing directly from Liberty TripAdvisor. This decision reflected the two parties’ strategic partnership rather than an attempt to influence Liberty TripAdvisor’s controlling position. Now, if Liberty TripAdvisor intends to make a large-scale exit from Tripadvisor, it must first clear any potential obstacles.

A Thoughtful Acquisition Plan

Tripadvisor’s approach to this acquisition is notably considerate toward its controlling shareholder, and there are clear reasons for this approach, as discussed below. Liberty TripAdvisor’s total share capital is approximately 82.13 million shares, and the total transaction value is approximately $435 million. This includes approximately $20 million in cash paid to common shareholders (roughly $0.257 per share), $42.5 million in cash, and 3 million newly issued Tripadvisor shares paid to preferred shareholders. At the same time, Liberty TripAdvisor’s outstanding bonds (approximately $330 million) will be fully repaid by Tripadvisor. Ultimately, Tripadvisor plans to cancel approximately 19% of its total shares (19% of Tripadvisor’s total equity, representing 19% of Liberty TripAdvisor’s holdings), significantly simplifying its shareholder structure and enhancing per-share value for remaining shareholders.

Unreasonable Strategies Behind the Acquisition

At first glance, this transaction appears to address potential internal disagreements within Liberty TripAdvisor as a controlling parent company, especially considering that its three largest institutional shareholders – Crimson Asset Management, Wittenberg Investment Management, and Triad Investment Management – hold only 7.1%, 6.7%, and 5.2% of shares, respectively.

However, the real control of Liberty TripAdvisor lies with its Chairman and CEO, Gregory Maffei. Maffei simultaneously holds Class B shares in both companies, giving Liberty TripAdvisor more than 57% of Tripadvisor’s voting power, while he personally controls approximately 39% of Liberty TripAdvisor’s total voting rights. This means that transactions related to Tripadvisor can effectively be decided by Maffei alone, without needing consensus from the entire board or all shareholders. Thus, while the transaction is framed as a market-driven action, it fundamentally resembles a "left hand passing to the right hand" maneuver orchestrated by Maffei.

The Real Significance of the Acquisition

Haize Capital believes that the key to this acquisition lies in Maffei’s decision to monetize Liberty TripAdvisor’s 57% voting power while alleviating regulatory pressures associated with concentrated ownership. If Liberty TripAdvisor were to sell its equity entirely to third-party investors, it would face complex antitrust reviews and regulatory approvals. This challenge is particularly relevant given the U.S. government’s increasing scrutiny of foreign acquisitions, especially in sensitive sectors like travel, due to concerns over national security. For instance, during his presidency, Donald Trump issued an executive order blocking China’s PMS company Shiji Information from acquiring U.S. company StayNTouch, citing national security concerns. A direct sale back to Tripadvisor simplifies this process, even if it adds an extra step before potential resale.

It is worth noting that Liberty TripAdvisor currently faces legal issues. A detailed analysis of the per-share acquisition price for common and preferred shares reveals that the average acquisition price of Maffei’s preferred shares (including the benefits of newly issued shares) could exceed 50 times that of common shares. However, this issue is being handled by law firm Halper Sadeh, so we will not delve into it further.

Clearing Obstacles for Equity Changes

This transaction not only removes structural obstacles to Tripadvisor’s potential acquisition but also paves the way for the potential sale of its local experience subsidiaries, Viator and The Fork. Considering Tripadvisor’s recent decline in revenue from its core accommodation platform, Maffei may choose to bundle the value of these high-growth subsidiaries with the parent company, making them more attractive as an integrated asset package for future transactions. Viator recorded over $140 million in quarterly revenue in 2023, while The Fork, as a leading European restaurant booking platform, has maintained double-digit growth. These strong performances provide Tripadvisor with significant leverage for future capital operations.

In mid-January, Tripadvisor’s special committee received a non-binding proposal to acquire the remaining Tripadvisor shares not held by Liberty TripAdvisor at a cash price of $18 to $19 per share, as well as Liberty TripAdvisor’s common shares at $0.3080 per share, alongside $102 million for preferred shares. Why is the "left hand selling to the right hand" still so complex? If this proposal is viewed as Maffei’s way of testing the market’s valuation bottom line, it becomes more understandable. While Tripadvisor’s platform has faced challenges, its valuable assets in the AI era could still be a significant draw, and Maffei may ultimately decide not to sell at all. Conspiracy theories persist for a reason—there are always many transactions happening behind closed doors.

The Start of the Local Experience Exit Trend

The reason we discuss this transaction is that it represents not only an internal restructuring of Tripadvisor and Liberty TripAdvisor but also a microcosm of capital operations in the travel industry. Maffei’s actions demonstrate the sensitivity of industry giants to capital efficiency and market opportunities, providing new insights into the future of the local experience market. Perhaps the exit trend for local experience startups has already quietly begun. From KKday and Klook to GetYourGuide and Viator, more platforms have reached the stage of IPOs or acquisition exits. From the moment Liberty TripAdvisor completes its transaction, the consolidation of the market will sound its bell. For the industry as a whole, this could mark a new beginning and the prelude to large-scale integration.