BUZZ-Tripadvisor to sell restaurant-booking unit to American Express; shares jump

TripAdvisor, Inc.

TRIP

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American Express Company

AXP

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** Online travel company Tripadvisor's shares TRIP.O rise 15% to $14.28 premarket

** TRIP enters a put option agreement to sell TheFork, its online restaurant reservation platform in Europe, to American Express AXP.N for $700 million in an all-cash transaction

** Move comes months after activist investor Starboard sent a letter to the board urging TRIP to formally explore a sale of the entire company and criticized the pace of efforts to review strategic alternatives for TheFork

** As of last close, stock had fallen ~15% YTD

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