01:00 PM EDT, 05/08/2024 (MT Newswires) -- Shares of TripAdvisor ( TRIP ) plummeted intraday Wednesday after the online travel agency said there is currently no deal that is in the best interest of the company, though it will continue to evaluate proposed alternatives.

TripAdvisor ( TRIP ) formed a special committee in February to assess proposals after shareholder Liberty TripAdvisor Holdings expressed interest to engage in discussions with respect to a potential transaction. Liberty owns roughly 21% of TripAdvisor ( TRIP ) common stock representing about 57% of voting interest, according to Liberty's website.

"The special committee has determined that at this time, there is no transaction with a third party that is in the best interests of the company and its stockholders," TripAdvisor ( TRIP ) said on Wednesday. The committee will continue to evaluate proposed alternatives as appropriate.

Shares of TripAdvisor ( TRIP ) tumbled 29% in midday trade.

"'No deal' is the headline today," Truist Securities Managing Director C. Patrick Scholes said in a note reiterating a hold rating and a $28 price target on the stock. "Recall that in early February the stock jumped-up from approximately $22 to around $27 on the announcement that a special committee had been formed to discuss a possible proposed buy-out offer; we expect shares to give back most if not all of those gains today."

For the first quarter, revenue increased to $395 million from $371 million a year ago, compared with the $394.8 million average analyst estimate on Capital IQ. Adjusted earnings per share more than doubled to $0.12 for the three months ended March 31 from $0.05.

"We are pleased with our first quarter results, which provide a solid start to the fiscal year, and were driven by the continued diversification of our portfolio into higher growth experiences offerings," Chief Executive Matt Goldberg said in a statement.

In its largest Brand TripAdvisor segment, revenue dipped 2% to $240 million. Viator revenue grew 23% to $141 million while TheFork's climbed 17% to $41 million.

Price: 18.10, Change: -7.38, Percent Change: -28.96