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

Shares of Angie's List Inc ANGI spiked briefly on Tuesday following unconfirmed market chatter on social media networks that IAC/InterActiveCorp 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.