UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

 

 

trivago N.V.

(Name of Issuer)

Class A Shares, nominal value of €0.06 per share

(Title of Class of Securities)

89686D105 (for American Depositary Shares, each representing one Class A Share)

(CUSIP Number)

PAR Investment Partners, L.P.

200 Clarendon Street, 48th Floor

Boston, MA 02116

Attn: Steven M. Smith

(617) 526-8990

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 8, 2021

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

 

 

*

The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


CUSIP No. 89686D105

 

  1.    

  Names of Reporting Persons.

 

  PAR Investment Partners, L.P.

  2.    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)          (b)

 

  3.    

  SEC Use Only

 

  4.    

  Source of Funds (See Instructions)

 

  WC

  5.    

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  ☐

  6.    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7.     

  Sole Voting Power

 

  17,153,178

  8.     

  Shared Voting Power

 

  0

  9.     

  Sole Dispositive Power

 

  17,153,178

  10.     

  Shared Dispositive Power

 

  0

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  17,153,178

12.    

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.    

  Percent of Class Represented by Amount in Row (11)

 

  30.9% (1)

14.    

  Type of Reporting Person (See Instructions)

 

  PN

 

(1)

The percent of class was calculated based on 55,482,958 Class A Shares issued and outstanding as of September 30, 2020, as disclosed in the Issuer’s Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on November 2, 2020.


CUSIP No. 89686D105

 

  1.    

  Names of Reporting Persons.

 

  PAR Group II, L.P.

  2.    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)          (b)  

 

  3.    

  SEC Use Only

 

  4.    

  Source of Funds (See Instructions)

 

  AF

  5.    

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  6.    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7.     

  Sole Voting Power

 

  17,153,178

  8.     

  Shared Voting Power

 

  0

  9.     

  Sole Dispositive Power

 

  17,153,178

  10.     

  Shared Dispositive Power

 

  0

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  17,153,178

12.    

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

  ☐

13.    

  Percent of Class Represented by Amount in Row (11)

 

  30.9%

14.    

  Type of Reporting Person (See Instructions)

 

  PN


CUSIP No. 89686D105

 

  1.    

  Names of Reporting Persons.

 

  PAR Capital Management, Inc.

  2.    

  Check the Appropriate Box if a Member of a Group (See Instructions)

  (a)          (b)  

 

  3.    

  SEC Use Only

 

  4.    

  Source of Funds (See Instructions)

 

  AF

  5.    

  Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)

 

  6.    

  Citizenship or Place of Organization

 

  Delaware

Number of

Shares

  Beneficially  

Owned by

Each

Reporting

Person

With

    7.     

  Sole Voting Power

 

  17,153,178

  8.     

  Shared Voting Power

 

  0

  9.     

  Sole Dispositive Power

 

  17,153,178

  10.     

  Shared Dispositive Power

 

  0

11.    

  Aggregate Amount Beneficially Owned by Each Reporting Person

 

  17,153,178

12.    

  Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)

 

13.    

  Percent of Class Represented by Amount in Row (11)

 

  30.9%

14.    

  Type of Reporting Person (See Instructions)

 

  CO


Introduction

This Amendment No. 4 to Schedule 13D amends Amendment No. 3 to Schedule 13D filed on February 1, 2021, which amended Amendment No. 2 to Schedule 13D filed on January 29, 2021, which amended Amendment No. 1 to Schedule 13 filed on June 13, 2019, which amended the Statement on Schedule 13D filed on September 18, 2018 (the “Schedule 13D”), and is being filed by PAR Investment Partners, L.P., a Delaware limited partnership (“PAR Investment Partners”), PAR Group II, L.P., a Delaware limited partnership (“PAR Group”), and PAR Capital Management, Inc., a Delaware corporation (“PAR Capital Management” and, together with PAR Investment Partners and PAR Group, the “Reporting Persons”), and relates to the Class A Shares, nominal value of €0.06 per share (the “Class A Shares”) of trivago N.V. (the “Issuer”). The Class A Shares reported herein are represented by an equal number of American Depositary Shares (“ADSs”) that are held directly by PAR Investment Partners, L.P.

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Schedule 13D. The Schedule 13D is amended on a supplementary basis as follows; all items or responses not described herein, or exhibits not filed herewith, remain as previously reported in, or filed with, the Schedule 13D, as amended.


Item 5. INTEREST IN SECURITIES OF THE ISSUER

(c) Other than as described in the attached Annex I, there were no transactions by the Reporting Persons relating to the Class A Shares effected during the past sixty days.

Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.

Item 6 is hereby amended and restated as follows

PAR Investment Partners holds a portion of its assets, which may include the Issuer’s securities, in prime brokerage accounts at various institutions, which accounts provide PAR Investment Partners with access to margin or other financing. The customer and related agreements governing such accounts generally provide the broker counterparty with security, collateral or similar rights of possession, sale or offset with respect to such account assets in the event of a customer default. Such agreements generally also provide the counterparty with rights to lend assets held in such account, in some cases without advance or other notification to the customer. To the extent the Issuer’s securities owned by PAR Investment Partners are held from time to time in such prime broker accounts, they may be subject to such counterparty rights.


Except as otherwise set forth in this report, there are no contracts, arrangements, understandings or relationships among the persons named in Item 2 or between such persons and any other person with respect to any securities of the Issuer.


SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

February 10, 2021

 

PAR INVESTMENT PARTNERS, L.P.
By:   PAR Group II, L.P., its General Partner
By:   PAR Capital Management, Inc., its General Partner
By:  

/s/ Steven M. Smith

  Name: Steven M. Smith
  Title: Chief Operating Officer and General Counsel
PAR GROUP II, L.P.
By:   PAR Capital Management, Inc., its General Partner
By:  

/s/ Steven M. Smith

  Name: Steven M. Smith
  Title: Chief Operating Officer and General Counsel
PAR CAPITAL MANAGEMENT, INC.
By:  

/s/ Steven M. Smith

  Name: Steven M. Smith
  Title: Chief Operating Officer and General Counsel


Annex I

Information With Respect to Transactions of Class A Shares during the Past 60 Days

 

Date

   Transaction    Shares      Price/Share ($)*  

01/27/2021

   Sell      3,857,050      $ 3.45  

01/28/2021

   Sell      219,568      $ 2.49  

01/28/2021 (swap)

   Sell      1,618,521      $ 2.48  

01/29/2021 (swap)

   Sell      1,351,348      $ 2.64  

02/01/2021 (swap)

   Sell      666,784      $ 2.32  

02/02/2021 (swap)

   Sell      81,797      $ 2.38  

02/02/2021

   Short Sale      350,000      $ 2.28  

02/03/2021 (swap)

   Sell      260,000      $ 2.50  

02/05/2021 (swap)

   Sell      163,763      $ 2.61  

02/08/2021 (swap)

   Sell      674,547      $ 2.70  

02/09/2021 (swap)

   Sell      136,690      $ 2.62  

02/09/2021

   Short Sale      267,164      $ 2.61  

02/10/2021

   Short Sale      128,014      $ 2.71  

 

*

Average price of various transactions.

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