{
  "docId": "019dd923-622b-71dc-a6da-992480932888",
  "docSlug": "9d06bebd9e8f",
  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-10-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 78,
  "pageCount": 114,
  "prevPage": 77,
  "nextPage": 79,
  "slideType": "valuation_reveal",
  "function": "quantify_opportunity",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses news headlines as social proof/authority citation for the valuation claim.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-992480932888/78",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-992480932888",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-992480932888.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-992480932888#slide-78",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.44,
        "x": 0.52,
        "y": 0.36
      },
      "kind": "callout",
      "text": "REJECTED TAKEOVER OFFER OF $18-$19/ SHARE FROM UNDISCLOSED STRATEGIC BIDDER",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39dd443b-8ffe-49df-9ec2-2903af6a548b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "We believe there would be meaningful interest in an acquisition of Tripadvisor by strategics and/or financial sponsors, with an acquisition offer of $18-19 per share for the entire company submitted as recently as January 2025.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f82-399d02bc754d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.45,
        "x": 0.04,
        "y": 0.36
      },
      "kind": "image",
      "text": "Tripadvisor stock jumps after company forms special committee to explore sale",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "791f4dda-1b29-486d-98eb-78fed60de69c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.04,
        "y": 0.63
      },
      "kind": "image",
      "text": "TripAdvisor (TRIP.O) Tripadvisor BoD Forms Special Committee to Evaluate Potential Transaction",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfb3b1b5-036f-450f-8949-bf7d1e3e9063",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.45,
        "x": 0.04,
        "y": 0.51
      },
      "kind": "image",
      "text": "Tripadvisor could be takeover bait",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dcbe7632-de0b-4d7c-b1ae-f2b36eb90711",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.44,
        "x": 0.52,
        "y": 0.51
      },
      "kind": "image",
      "text": "5 Bidders, 1 Last Week: New Details about the Tripadvisor Deal",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f811e533-0fce-4a23-8c99-c6723ae8a065",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "acquisition price: $18-19",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f82-43a896a2eb29",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe there would be meaningful interest in an acquisition of Tripadvisor by strategics and/or financial sponsors, with an acquisition offer of $18-19 per share for the entire company submitted as recently as January 2025.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71203e43-364d-49ea-bf4a-3c403b5958af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "REJECTED TAKEOVER OFFER OF $18-$19/ SHARE FROM UNDISCLOSED STRATEGIC BIDDER — Starboard Value LP",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f82-3e9eaaa9fddd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.02,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Public News Articles, Wall Street Research Reports.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "47f30758-3267-43fc-bdc2-d47354042e72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "...We Also Believe Tripadvisor Has Significant Strategic Value and Would Be an Attractive Acquisition Target",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ca9294c-4e2e-4e57-af95-a28105de398f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "authority-citation",
      "slug": null,
      "matchId": "36b2fda0-03bd-4969-978e-2619bed8cba0",
      "evidence": "Uses news headlines to validate the acquisition interest claim.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 80,
      "from": 51,
      "beatId": "036b94ec-eb60-4b7f-98a2-c67b10ddd00c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Data and analysis supporting investment ideas",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}