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Angie's List Rejects $512 Million Takeover Offer from IAC

by Associated Press /
Image:
Zak Holland opens up a computer at a store on the Northern Arizona University campus in Flagstaff, Ariz., Wednesday, Feb. 25, 2015. Felicia Fonseca / AP

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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 sharply before the stock market opened 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 for comment. The New York company owns several websites, including About.com and HomeAdvisor.com.

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Angie's List Inc., based in Indianapolis, lets users research, shop for and rate plumbers, cleaners and other home services. Its shares fell 7 percent to $9.15 in premarket trading Tuesday.

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