Latest news with #Palliser
Boston Globe
6 days ago
- Business
- Boston Globe
Tripadvisor holder Palliser urges strategy review, possible sale
'The company is caught between two fundamentally different strategic identities,' Palliser Chief Investment Officer James Smith wrote in the letter. 'This internal conflict is holding back its most promising venture – Viator, stifling growth and innovation, weakening its competitive edge and costing it the investor attention and valuation it should command.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Shares in Tripadvisor are up around 4 percent over the last 12 months, compared with a gain of 30 percent in the Nasdaq Composite Index. The Needham, Massachusetts-based company has a market value of about $2.1 billion. Palliser, which holds roughly 1.1 percent of Tripadvisor's Class A shares, is seeking a meeting with the board to discuss its unease. Advertisement 'We value constructive engagement with all of our shareholders and appreciate their feedback,' a spokesperson for Tripadvisor said. 'The Tripadvisor board of directors and management team are committed to driving long-term value for our shareholders.' Tripadvisor's core business remains under pressure from factors including increased competition and weaker travel demand. That has already attracted the attention of another activist firm, Starboard Value LP, which has built a 9 percent stake and also wants to work with management to unlock value. Advertisement For Palliser, a lot of any potential upside would come from a focus on Viator, a marketplace for connecting travelers with providers of tours, activities and experiences around the globe. The investor believes Viator could be valued at $2 billion to $2.5 billion on a standalone basis. 'It represents a high-potential business that is well placed to capitalize on the underpenetrated travel experience booking opportunity,' Smith wrote of Viator. The strength of that business, as well as the healthy performance of restaurant reservation service TheFork, mean Tripadvisor's market capitalization should be closer to $3.7 billion, according to Smith. 'It is attempting to operate simultaneously as a value business and a growth business — and succeeding at neither,' he wrote. In February 2024, Tripadvisor announced it was forming a special committee to evaluate any potential takeover proposals after its board authorized talks on a possible acquisition. The following month, Bloomberg News reported that Apollo Global Management Inc. had expressed interest in exploring a bid for the company. Palliser, led by Elliott Investment Management alumnus Smith, last year appointed another former Elliott investor, Steve Kasoff, as chairman for the US market.
Mint
6 days ago
- Business
- Mint
Tripadvisor Holder Palliser Urges Strategy Review, Possible Sale
(Bloomberg) -- Palliser Capital is urging Tripadvisor Inc. to explore a potential sale, heaping pressure on the travel booking and review site that's already facing another high-profile shareholder activist. London-based Palliser is concerned that the legacy business is weighing on performance and eroding shareholder value, according to a letter sent to the company's board in July that has been reviewed by Bloomberg News. The firm wants Tripadvisor to form a strategic committee to explore a range of issues, including how to unleash value from high-growth brands like Viator and TheFork. It's also calling for a review of the group's employee incentive program and capital allocation strategy. 'The company is caught between two fundamentally different strategic identities,' Palliser Chief Investment Officer James Smith wrote in the letter. 'This internal conflict is holding back its most promising venture – Viator, stifling growth and innovation, weakening its competitive edge and costing it the investor attention and valuation it should command.' Shares in Tripadvisor are up around 4% over the last 12 months, compared with a gain of 30% in the Nasdaq Composite Index. The Needham, Massachusetts-based company has a market value of about $2.1 billion. Palliser, which holds roughly 1.1% of Tripadvisor's Class A shares, is seeking a meeting with the board to discuss its unease. 'We value constructive engagement with all of our shareholders and appreciate their feedback,' a spokesperson for Tripadvisor said. 'The Tripadvisor board of directors and management team are committed to driving long-term value for our shareholders.' Tripadvisor's core business remains under pressure from factors including increased competition and weaker travel demand. That has already attracted the attention of another activist firm, Starboard Value LP, which has built a 9% stake and also wants to work with management to unlock value. For Palliser, a lot of any potential upside would come from a focus on Viator, a marketplace for connecting travelers with providers of tours, activities and experiences around the globe. The investor believes Viator could be valued at $2 billion to $2.5 billion on a standalone basis. 'It represents a high-potential business that is well placed to capitalize on the underpenetrated travel experience booking opportunity,' Smith wrote of Viator. The strength of that business, as well as the healthy performance of restaurant reservation service TheFork, mean Tripadvisor's market capitalization should be closer to $3.7 billion, according to Smith. 'It is attempting to operate simultaneously as a value business and a growth business — and succeeding at neither,' he wrote. In February 2024, Tripadvisor announced it was forming a special committee to evaluate any potential takeover proposals after its board authorized talks on a possible acquisition. The following month, Bloomberg News reported that Apollo Global Management Inc. had expressed interest in exploring a bid for the company. Palliser, led by Elliott Investment Management alumnus Smith, last year appointed another former Elliott investor, Steve Kasoff, as chairman for the US market. More stories like this are available on
Calgary Herald
12-07-2025
- Calgary Herald
96-year-old volunteer Jack Armstrong keeps Stampede spirit alive
Every morning during Stampede week, long before most visitors have arrived, 96-year-old Jack Armstrong is already at his post at the Stampede information booth in the Fairmont Palliser hotel. Article content 'He usually shows up for his shifts half an hour to 45 minutes early,' said Naomi Green, chair of the Calgary Stampede's downtown attractions hotels subcommittee, who has worked with Armstrong for the past eight years. Article content Article content Article content When asked why he keeps coming back each year, Armstrong's answer is simple: 'I just get into a habit, really, but I do enjoy it,' he said with a chuckle. 'The people I work with, and the people I meet.' Article content 32 years of volunteering Article content Armstrong has volunteered with the Calgary Stampede's downtown attractions hotels committee for 32 years, almost exclusively at the Palliser. He began volunteering after a friend asked him to help out, and he's been a mainstay ever since. Article content 'Everyone knows Jack. Even on all the other Stampede committees, they all know who Jack is. He's been around a very long time,' said Green. 'I think if you talked to everybody, they could probably tell you a story about Jack.' Article content Originally coming from a military background, Armstrong spent many years working 'all over,' but primarily worked on a military base before retiring and ending up volunteering. Article content Article content 'Jack doesn't open up a whole lot but we do know that he was in the military for many years, and he's very proud of that,' said Green. Article content Article content Outside of Stampede season, Armstrong keeps busy with friends, spending three days a week on the golf course. Article content 'He's a very spry guy, and he's always got something on the go,' said Green. Article content He also makes time to visit the Stampede himself, heading down to the park to take in the rodeo on one day and the grandstand show on another.
Business Wire
15-06-2025
- Business
- Business Wire
Both ISS and Glass Lewis Recommend Shareholders Vote AGAINST Keisei President Toshiya Kobayashi, Endorsing Palliser's Call for Governance Reform
LONDON--(BUSINESS WIRE)--Palliser Capital ('Palliser'), one of the largest shareholders of Keisei Electric Railway Co., Ltd. (9009 JT) ('Keisei' or the 'Company') with a shareholding over 4.5%, today welcomed the recommendations by ISS and Glass Lewis that shareholders vote AGAINST the re-election of current President Toshiya Kobayashi and other directors at the Company's upcoming Annual General Meeting on June 27, 2025. Both ISS and Glass Lewis echoed serious concerns with Keisei's governance practices in their research reports, citing: Lack of clarity in capital allocation strategy, particularly regarding its substantial stake in Oriental Land; The decision to acquire a 0.46% stake in Aeon as another example of poor capital allocation; Adjusted ROE under 5% - significantly short of peer median ROE and TSE guidelines; Insufficient transparency in the nomination process for outside directors; and Weak responsiveness to shareholder feedback, including the nearly one-third support for Palliser's shareholder proposal at the 2024 AGM. ISS concluded that 'Palliser has made a compelling case that a governance overhaul at Keisei is necessary to restore trust in management', while Glass Lewis concluded that withholding support for Toshiya Kobayashi would serve as a 'measured signal to prompt meaningful improvements in Keisei's governance and transparency practices.' James Smith, Founder and Chief Investment Officer of Palliser, commented: 'ISS and Glass Lewis' recommendations validate our concerns and underscore the importance of holding leadership accountable. We urge shareholders to vote against current President Toshiya Kobayashi, outside directors Shotaro Tochigi, Misao Kikuchi, and Takako Amitani, and proposed new inside directors Kunihiko Yoshikawa and Takeshi Hashimoto.' Full details relating to Palliser's ongoing engagement are available at About Palliser Capital Palliser Capital is a global multi-strategy fund. Our value-oriented investment philosophy is applied to a broad range of opportunities across the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups. Palliser Capital is one of the largest Keisei shareholders with a stake in excess of 4.5%.
Yahoo
12-06-2025
- Business
- Yahoo
Activist investor Palliser Capital reportedly builds 5% stake in WH Smith
-- Activist investor Palliser Capital has acquired a nearly 5% stake in British travel retailer WH Smith, according to a Sky News report on Thursday. Palliser Capital, a London-based investment firm, plans to examine WH Smith's leverage targets and capital allocation policy with the aim of improving returns for shareholders, the report said. The stake could be valued at approximately £65 million ($88.27 million). Palliser has recently been involved in other activist campaigns. The firm led an unsuccessful effort to convince mining company Rio Tinto (NYSE:RIO) to abandon its dual-listed structure in favor of establishing a primary listing in Australia. Related articles Activist investor Palliser Capital reportedly builds 5% stake in WH Smith ADP stock dips as company hosts 2025 investor day Morgan Stanley lifts XPeng target after G7 launch draws early interest
