Barry Diller's IAC/InterActiveCorp launched a hostile bid to buy Angie's List, a move that could combine two of the sites used by consumers to find contractors and other service providers.
IAC (IACI) released a letter that it sent to Angie's List Wednesday saying it was disappointed the board was not interested in engaging in negotiations and that it was therefore making its offer public.
It offered $512 million in cash, which is about 10% above the company's market value at the close of trading Wednesday before the announcement. Shares climbed as much as 17% in after-hours trading on the news, suggesting that some investors thought the final price could be higher. But the trading price later retreated to near the offer price.
Angie's List (ANGI) issued a statement late Wednesday saying it will review and evaluate the offer.
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3 comments:
Hostile takeovers should be illegal.
why?
When they decided to go public they opened the doors to this. Stockholders are now the owners, and they want the money. Whoever "Angie" is got greedy and now it comes to this. I'm sure her stock is worth quite a bit, so enjoy your retirement Angie.
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