Delaware court allows TripAdvisor to reincorporate in Nevada

TripAdvisor can ditch Delaware in case Elon Musk highlighted
© Reuters. FILE PHOTO: The logo for a travel website company TripAdvisor Inc is shown on a computer screen in this illustration photo in Encinitas, California May 3, 2016. REUTERS/Mike Blake/File Photo

By Jody Godoy

(Reuters) -A Delaware judge said on Tuesday that TripAdvisor (NASDAQ:) can go ahead with its planned move to Nevada, though shareholders can also pursue their lawsuit alleging the move unfairly benefits the online travel advice site’s controlling stockholder.

The case has gained attention this month as Tesla (NASDAQ:) CEO Elon Musk posted about it on social media. Musk has said Tesla would hold a shareholder vote to move its legal home from Delaware to Texas in the wake of a ruling invalidating his $56 billion pay package.

Two shareholders sued directors at TripAdvisor and its parent company last year. They claimed the move was designed to benefit Greg Maffei, CEO of parent company Liberty TripAdvisor, at their expense.

The ruling by Delaware Vice Chancellor Travis Laster comes as a committee of Tripadvisor ‘s board explores a potential sale to an undisclosed bidder.

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Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

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