Expedia completes TripAdvisor spinoff
NEW YORK—Expedia's spin-off of TripAdvisor as a separately traded, independent company was complete Wednesday, with TripAdvisor shares sinking about 5 percent.
Expedia shareholders received one share of TripAdvisor and one share of Expedia for every two shares of Expedia they held at the close of trading Tuesday.
Expedia lost about half their value and were trading at $28.02, which was more of a technicality after splitting the company. TripAdvisor shares cost $28.73 each.
Expedia Inc. first said in April it planned to spin off TripAdvisor, which lets travelers post advice and reviews and offers planning features such as flight searches and links to hotel and flight bookings.
Shares of TripAdvisor Inc. are trading on the Nasdaq Stock Market under the symbol "TRIP." They'll be part of the S&P 500 index, replacing telecommunications equipment maker Tellabs Inc., which is moving to the S&P 5&P 400 MidCap index because its market capitalization has fallen below $1.5 billion.