Angie's List Board Decides Not To Pursue IAC Takeover Bid - Quick Facts

(RTTNews) - Online service rating site Angie's List, Inc.(ANGI) said its board of directors has unanimously determined not to pursue the unsolicited proposal from IAC/InterActiveCorp (IACI) to acquire the company, as previously announced on November 11, 2015. IAC is the owner of HomeAdvisor as well as a number of other prominent Internet brands.

Angie's List board of directors determined that it is premature to conclude that a strategic transaction is in the best interests of Angie's List shareholders. Further, the board concluded that IAC's $8.75 per share cash proposal dramatically undervalues the company and its long-term standalone prospects.

The company's board has directed the management to complete development of the Profitable Growth Plan.

Scott Durchslag, Angie's List President and Chief Executive Officer, said, "The Board believes that it should have the opportunity to fully evaluate our Profitable Growth Plan and should share that plan with shareholders before reaching a decision as to whether to engage in a transaction with IAC or any other party."