Angie’s List (ANGI) Stock Soaring in After-Hours Trading on Proposed Acquisition by IAC/InterActive

Angie’s List (ANGI) stock is gaining in after-hours trading following a proposal from IAC/InterActive Corp. (IACI) to acquire the company.
By Amanda Schiavo ,

NEW YORK (TheStreet) -- Shares of Angie's List (ANGI) - Get Report are gaining by 8.21% to $8.57 in after-hours trading on Wednesday, following a proposal from IAC/InterActiveCorp(IACI) to acquire the company for $8.75 per share or more than $500 million in cash and stock.

IAC's proposal represents a premium of 50% over the local services market place's share price and trailing 90 day average trading price.

The deal would be all cash, however, IAC has indicated that it is willing to consider a combination of Angie's List with its own HomeAdvisor business through a tax free stock for stock exchange.

"The combination of the Angie's List brand, highly trafficked website and its network of paying service professionals with our HomeAdvisor business, the category leader which has seen eight consecutive quarters of accelerating growth in its core U.S. business, would cement our position as the premier home services platform," IAC CEO Joey Levin said in a statement announcing the offer.

The combined company would have more than $35 billion in gross transaction value and over an estimated 15 million unique visitors per month, IAC continued.

ANGI

data by

YCharts

Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.

Loading ...