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  "documentTitle": "TCS Capital Yelp Open Letter to Yelp Board of Directors May 2023",
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  "notes": "This is a text-heavy activist investor letter. It contains specific valuation assumptions (12x-15x EBITDA) and a proposed merger with ANGI.",
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      "kind": "paragraph",
      "text": "Nevertheless, we are confident that Yelp would attract robust interest from many potential strategic and private equity suitors were the Board to put the Company up for sale.",
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      "text": "Sincerely, Eric Semler, President, TCS Capital Management, LLC",
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      "text": "As part of its review of strategic alternatives, the Board should also seriously consider a combination with ANGI, which we believe would unite two of the best brands in the $500 billion home services market.",
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      "text": "Given Yelp's many years of poor stock performance, we believe it is imperative for the Board to finally take action to maximize value for unaffiliated stockholders. If necessary, we are willing to make a bid ourselves to acquire Yelp.",
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      "text": "Investor Contact: Eamon Smith",
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      "text": "For strategic buyers, Yelp has scarcity value as one of the only independently owned digital assets with scale. We believe that a buyer would need to pay at least 12x 2024 estimated EBITDA to acquire Yelp.",
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      "text": "About TCS Capital Management, LLC: TCS Capital Management, LLC is an investment fund founded by Eric Semler in 2001...",
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      "text": "In conclusion, we demand that the Board act to advance stockholder interests by immediately commencing a rigorous exploration of strategic alternatives.",
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      "text": "The 10 analysts with ratings on Yelp, only one has a buy recommendation, three have a sell and six have a hold. We believe this negativity is largely attributable to Yelp's checkered history of missing market expectations.",
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      "text": "However, Mr. Stoppelman appears to be a major obstacle to a transaction. It has been widely reported over the years that he has rejected credible takeover offers from multiple suitors.",
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