Mahaney believes the biggest takeout target in the sector is Yelp, which he said could fit into a lot of different companies.
He's held that theory for about a year, and now that Yelp has recently gone from a dual class stock structure to a single one, he believes it has become "more plausible" for someone to bid for the company, even as a hostile bid.
However, any potential buyer will be looking to see if Yelp can build out its transactions capability, Mahaney said in an interview with "Power Lunch."
"Can you actually show that you're leading people to takeouts, to doing restaurant reservations, to actually lining up directly with plumbers in the area? Not just advertising, but can you show transactions revenue? If they prove that, I think they become more viable as a takeout candidate."