Angie's List (ANGI) Stock Falling After Rejecting IAC/InterActiveCorp Buyout Offer

Angie's List (ANGI) stock is plunging in pre-market trading on Tuesday, after the company rejected IAC/InterActiveCorp's (IACI) buyout proposal.
By Amanda Albright ,

NEW YORK (TheStreet) -- Angie's List (ANGI) - Get Report stock is plummeting by 8.65% to $8.98 in pre-market trading on Tuesday, after the company announced it was not pursuing IAC/InterActiveCorp's (IACI) buyout proposal

Last week, IAC, which owns sites like Match.com and Vimeo, offered to buy the Indianapolis-based eCommerce company for $8.75 per share. 

The offer dramatically undervalued the company and its long-term standalone prospects, Angie's List said on Tuesday morning. 

"The Board does not believe it is in the best interest of Angie's List shareholders to rush to judgment and that doing so would be contrary to our fiduciary duties," CEO Scott Durschslag said in a statement. "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."

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