Angie's List board rejects $512 million takeover from IAC
NEW YORK (AP) — Angie's List says that its board has rejected a $512 million takeover deal from Internet company IAC/InterActiveCorp.
Shares of Angie's List fell sharply before the stock market opened Tuesday.
The home services review site said last week's deal "dramatically undervalues" the company. IAC offered $8.75 for each share of Angie's List, which was a 10 percent premium on the stock at the time.
Angie's List said it has a plan to grow its profit and said a deal with IAC will not benefit shareholders.
IAC did not immediately respond to a request for comment. The New York company owns several websites, including About.com and HomeAdvisor.com.
Angie's List Inc., based in Indianapolis, lets users research, shop for and rate plumbers, cleaners and other home services.
Its shares fell 7 percent to $9.15 in premarket trading Tuesday.