Market Overview

Angie's List's Spikes After IAC/InterActiveCorp Bid Rumor; Shares Quickly Give Up Gains

Share:

Shares of Angie's List Inc (NASDAQ: ANGI) spiked briefly on Tuesday following unconfirmed market chatter on social media networks that IAC/InterActiveCorp (NASDAQ: IACI) could present an improved offer to acquire the company. Shares quickly gave up their gains.

Angie's List confirmed in November it received an unsolicited offer from IAC to acquire the company for $8.75 in cash, or a tax-free stock-for-stock exchange.

Related Link: EXCLUSIVE: Benchmark's Daniel Kurnos Thinks Angie's List Has Been A 'Broken' Stock, Would Be Better Served As Part Of IAC

Angie's List's Board of Directors announced on November 17 that it is "premature" to conclude that a strategic transaction is "best for shareholders." The Board also noted that a $8.75 cash offer "dramatically undervalues" the company and its long-term standalone prospects.

Posted-In: News Rumors Movers

 

Related Articles (IACI + ANGI)

View Comments and Join the Discussion!

Why Focusing On WWE's Recent Ratings Struggles Is 'Rather Short Sighted'

Adeptus Health Up 6% After Addition To S&P SmallCap 600