Deals
IAC Proposes to Buy Angie's List for $8.75 a Share in Cash
- Owner of rival HomeAdvisor is also open to a stock deal
- Offer is 10 percent premium to Angie's closing price Wednesday
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IAC/InterActiveCorp offered to buy Angie’s List Inc. for $8.75 a share in a cash deal, seeking to add the consumer-review website to its stable of online businesses, including Angie’s List rival HomeAdvisor.
IAC’s offer, a deal rebuffed last month by the Angie’s List board, represents a 10 percent premium to Angie’s List’s closing price Wednesday of $7.92. The bid values Angie’s List at about $512 million based on the company’s outstanding shares, according to data compiled by Bloomberg. IAC would also consider a stock-for-stock exchange deal that would combine HomeAdvisor with the local-business review and listings site, according to a statement Wednesday from New York-based IAC.