ANGI - Yelp gains on report of activist investor push for sale
2023-05-22 20:36:43 ET
Yelp ( NYSE: YELP ) rose 14% in after hours trading after a WSJ report that an activist has taken a stake in the user recommendation site and wants the company to explore alternatives, including a sale.
TCS Capital Management built a 4% stake in Yelp ( YELP ), making it one of the company's top five holders, according to a WSJ report, which cited people familiar.
TCS Capital, which has been an investor in Yelp for most of the past five years, argues that Yelp could be sold to another technology or media company or private-equity firm, for at least $70 a share, the WSJ said, citing to a letter the fund will deliver to the board on Tuesday.
TCS Capital Founder and President Eric Semler will also tell the Yelp ( YELP ) board that his firm is prepared to make an offer for Yelp. TCS Capital also believes Yelp could evaluate a tax-free merger with rival Angi ( ANGI ). Angi shares rose 3.1% in after hours trading.
Yelp ( YELP ) is scheduled to present at the JPMorgan Tech, Media & Telecom conference on Tuesday.
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Yelp gains on report of activist investor push for sale