Angie's List Rebukes $512 Million Buyout Offer from InteractiveCorp

Published by: Betty on 11th Nov 2015 | View all blogs by Betty

Angie's List Rebukes $512 Million Buyout Offer from InteractiveCorp

Angie's List shares jumped almost 12 percent in after-hours trading Wednesday after the company rebuked a $512 million buyout offer from InterActive Corp (IAC).  The offer represented a 10 percent premium over Wednesday's closing price on Angie's shares.  IAC made the offer public late in the day, saying it would also consider merging its HomeAdvisor platform with Angie's small business review business, creating a company that would bring in revenue exceeding $700 million.  Executive leadership at Angie's has been under public pressure to consider the Home Advisor merger since October, when TSC Capital publicly suggested the union would give Angie's "the much-needed scale to compete successfully in the $300 billion home services market."

In a press release, Angie's officials confirmed their dismissal of IAC”s buyout offer, but noted that it would be open to an alignment with Home Advisor, but only in a tax-free deal.  IAC, meanwhile, sent a letter to the Angie's List board of directors, claming disappointment in the unwillingness of Angie's leadership to continue discussions about a deal after the two companies met nearly three weeks ago.  Rising costs have forced Angie's List to suffer net losses in most quarters since its 2011 IPO.  Last quarter was an exception, as the company raked in a small profit, but that earnings report was accompanied by a drop in the company's expectations for full-year earnings.

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