Valued at $10 billion, TripAdvisor is the industry's last major publicly traded target in the U.S. The business was actually spun off from Expedia in 2011 because it had been growing far faster than Expedia's main operations. But now, the trend is moving back toward consolidation and scale -- and no doubt both Priceline and Expedia have had their eye on TripAdvisor. Investors in this space need something to get excited about, and recent weakness in TripAdvisor's shares (mostly due to the aforementioned industry headwinds) means it may be a good time to pounce. TAKE A TRIP Expedia and TripAdvisor are still somewhat connected. Billionaires John Malone and Barry Diller control Expedia, while Malone's business partner Greg Maffei effectively controls TripAdvisor through the Liberty TripAdvisor tracking stock, which was created in 2014 - a move that some thought signaled Malone and Maffei were opening the door to some sort of deal (read more here). That said, the ownership structure does make an acquisition of TripAdvisor a bit more complex than a typical M&A transaction. Furthermore, even though TripAdvisor's shares (and the tracking stock) have dropped 20 percent this year, a takeover still wouldn't be cheap. The company is valued at 34 times its trailing 12-month Ebitda, a slightly higher multiple than Kayak fetched in its sale to Priceline. And with a takeover premium, a TripAdvisor acquisition would be nearing the steep 45 times Ebitda that Priceline paid for OpenTable. But in return, a buyer - be it Priceline or Expedia - could gain precious market share and expand its global footprint Get the full story at Bloomberg Read also "Is a Priceline acquisition of TripAdvisor becoming more feasible?" at Skift