Activist investor TCS Capital Management, LLC on May 23, 2023 urged Yelp Inc. (NYSE:YELP) to either explore a sale or a merger with online-services company Angi Inc. (NasdaqGS:ANGI), sending shares of the service-recommendation site 10% higher in premarket trading. TCS Capital, which is one of Yelp's top shareholders with a stake of more than 4%, said the company was "shockingly undervalued". "As a former board member and longtime investor in ANGI, I believe that a Yelp and ANGI combination would yield enormous revenue synergies and cost savings that could ultimately double the value of Yelp's shares," said Eric Semler, TCS Capital's founder wrote in a letter.

Alternatively, Semler suggested that Yelp could be sold for at least $70 per share, or more than double the current stock price. Shares of Yelp were up at $36.03 in premarket trading on May 23, 2023. A Yelp spokesperson said the company "maintains an active dialogue with our shareholders and values constructive feedback on our business and ways to create value".

Angi did not immediately respond to a request for comment.