Media conglomerate IAC (“IAC”) has made a bid to buy online reviews site Angie’s List for more than $500 million.
IAC, whose businesses include Match.com, Ask.com, and Tinder, plans to merge Angie’s List with its rival web business, HomeAdvisor. The new company will be called ANGI Homeservices.
The deal represents a premium of 44% over Angie’s List closing share price on Monday.
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Angie’s List is a marketplace for booking home improvement services providers like movers, plumbers, and electricians. The company has also accumulated a Yelp-like trove of 10 million verified reviews in 700 categories of services.
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Over the past few years, Angie’s List has struggled as it faces increased competition from companies like Amazon, which allows you to book certain home service providers, and upstarts like TaskRabbit and Thumbtack. In late 2015, IAC made an unsolicited bid for Angie’s List for over $500 million. The company, which was also facing pressure from activist investor TCS Capital, rejected the deal, saying that it was too low. In 2016, IAC said through a spokesperson that it had no intention of making another offer for Angie’s List, although it apparently changed its mind.
Shares of Angie’s List rose 41% to $8.36 per share in after hours trading on Monday.