Shares of Yelp have plunged by more than half over the past five years and are down 15 percent in the past 12 months. Yelp has also lagged behind other companies that offer tools and technology to measure the effectiveness of ad spend, and has failed to keep up with Google's local discovery features, SQN claimed in its investor presentation. Google reviews and Instagram photos of food and restaurants have given consumers new ways to find recommendations for restaurants. Yelp has struggled to fend off competition from Google, which is both the largest search engine and a rival in the reviews market. But SQN, a technology-focused hedge fund with more than $1.1 billion in assets, is a virtual unknown in the world of activist investing, where Carl Icahn, Bill Ackman and Daniel Loeb are among the most recognizable and influential players. SQN's report suggests that the company is worth $4 billion or more. Representatives from Yelp and Evercore declined to comment. At the current market valuation of over $3 billion, there are few, if any, "credible buyers," one of the people said. Yelp co-founder and CEO Jeremy Stoppelman and the board have now tapped Evercore to work with the company and explore the market, but the bank hasn't started running a sales process, said the people, who asked not to be named because the matter is confidential. 16, about the company's "significant underperformance," and said that based on its own research "an immediate sale to a private equity firm could yield a $47 to $50 stock price." The shares are currently trading at $37.59. Hedge fund manager SQN, which owns 4 percent of Yelp shares, released a presentation on Jan. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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