INDIANAPOLIS–(BUSINESS WIRE)–Angie’s List (Nasdaq: ANGI) today confirmed that it has received an unsolicited proposal from IAC/InterActiveCorp (Nasdaq: IACI) to acquire the Company for $8.75 per share in cash. IAC has also indicated its willingness to consider a combination of Angie’s List with IAC’s HomeAdvisor business through a tax-free stock-for-stock exchange.
The Angie’s List Board of Directors and management team are committed to acting in the best interests of all Angie’s List shareholders. Consistent with its fiduciary duties, the Angie’s List Board, in consultation with its independent financial and legal advisors, will carefully review and evaluate IAC’s proposal to determine the course of action that the Board believes is in the best interest of the Company and all Angie’s List shareholders.
Angie’s List shareholders need take no action at this time.
BofA Merrill Lynch is serving as a financial advisor to Angie’s List and Sidley Austin LLP is serving as a legal advisor.
About Angie’s List
Angie’s List helps facilitate happy transactions between more than three million consumers nationwide and its collection of highly-rated service providers in 720 categories of service, ranging fromhome improvement to health care. Built on a foundation of authentic reviews of local service, Angie’s List connects consumers directly to its online marketplace of services from member-reviewed providers, and offers unique tools and support designed to improve the local service experience for both consumers and service professionals.
Certain statements in this release are “forward-looking statements” made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: our success in converting consumers and service providers into paid memberships and participating service providers, respectively; our ability to renew memberships and participating service providers; our ability to predict and respond in a timely manner to changes in consumer demand; our ability to attract and retain key management and personnel; competitive factors; our ability to successfully implement our growth strategies or effectively manage our growing business; and general economic conditions and the corresponding impact on consumer confidence and spending. For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to the filings we make with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.