Wednesday, November 18, 2015
Associated Press
NEW YORK
Angie’s List says that its board has rejected a $512 million takeover deal from Internet company IAC/InterActiveCorp.
Shares of Angie’s List fell almost 3 percent in morning trading Tuesday.
The home-services review site said last week’s deal “dramatically undervalues” the company. IAC offered $8.75 for each share of Angie’s List, which was a 10 percent premium on the stock at the time.
Angie’s List said it has a plan to grow its profit and said a deal with IAC will not benefit shareholders.
IAC did not immediately respond to a request to comment.