Shares of Angie’s List are up more than 12% on Thursday after Barry Diller’s IAC/InterActiveCorp announced its unsolicited takeover bid for the consumer reviews website.
IAC (IACI), which owns About.com, The Daily Beast, and Tinder, went public Wednesday with a $512 million bid to buy Angie’s List (ANGI). The cash offer, which values Angie’s List at $8.75 per share, or an almost 11% premium over the company’s Wednesday closing price, comes about a month after activist investor TCS Capital Management urged the company to consolidate with another web property like IAC’s HomeAdvisor.
While IAC claimed that Angie’s List’s board of directors had previously declined to entertain any takeover offers, Angie’s List said in its own statement that the company would consult with financial and legal advisers as its evaluates IAC’s proposal. IAC said in its statement that a combination of Angie’s List and HomeAdvisor “would cement our position as the premier home services platform.”