Tripadvisor had made headlines by announcing the formation of a special committee within its board of directors. This committee was tasked with carefully evaluating and deliberating over various proposals from potential suitors interested in acquiring the company.

Shares of Needham-based online travel site Tripadvisor plunged more than 28 percent Wedesday after the company backed away from a possible acquisition. In February, Tripadvisor said its board had formed a committee to consider proposals to buy the company.

Tripadvisor stock nosedived Wednesday after the online travel company rejected the idea of a potential sale. The company’s board of directors had formed a special committee in February to evaluate proposals for a potential transaction or alternatives.