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yelp (New York Stock Exchange: YELP) up 14% After hours of trading after the WSJ reported that an activist had taken a stake in the user recommendation site and wanted the company to explore alternatives, including selling.
TCS Capital Management has built a 4% stake in Yelp (YELP), making it one of the five largest shareholders in the company, according to A Wall Street Journal report, which cited familiar people.
The Wall Street Journal, citing the Wall Street Journal, said TCS Capital, which has been an investor in Yelp for the past five years, argues that Yelp could be sold to another technology, media or private equity firm, for at least $70 a share. The letter that the Fund will send to the Board of Directors on Tuesday.
TCS Capital founder and chairman Eric Semler will tell the Yelp (YELP) board of directors that his company is willing to make an offer for Yelp. TCS Capital also believes that Yelp could evaluate a tax-free merger with competitor Angi (ANGI). Angie shares rose 3.1% After trading hours.
Yelp (YELP) is scheduled to present at the JPMorgan Tech, Media & Telecom conference on Tuesday.