Tripadvisor and Starboard Value Make Peace: Activist Investor Could Get 4 Board Seats

Tripadvisor said Monday evening it reached a deal with Starboard Value that could see the activist investor get four nominees to the Tripadvisor board at the next annual meeting, which usually takes place in June.

The agreement has several elements:

Tripadvisor agreed to immediately increase its board size to 10, up from the current eight directors.

Two Starboard-affiliated directors, Andrew Cates and Dhiren Fonseca, have joined the Tripadvisor board, and their terms will expire at the annual stockholder meeting.

They can be nominated for the standard one-year term at that shareholder meeting.

Starboard can recommend two additional directors for a total of four. One can be a director independent of Starboard, and the other can be a Starboard representative or independen