IAC/InterActiveCorp makes unsolicited bid for Angie’s List

Angie’s List (NASDAQ:ANGI) was upgraded by analysts at Raymond James from an “underperform” rating to a “market perform” rating in a research note issued to investors on Wednesday, The Fly reports.

Shares in Angie’s List shot up more than 11 percent in after-hours trading following the news release by IAC and is now trading at $8.80 a share.

“We are unlocking a powerful new source of business for highly rated service providers”, said Scott Durchslag, Angie’s List president and CEO.

IAC’s $8.75 per share offer represents a premium of 10.5 percent to Angie’s stock’s closing price on Wednesday.

Barry Diller is about to make a bundle by taking Tinder public, but meanwhile he can’t get a date with Angie’s List. The company said this will would create the premier platform in the home services market – with over $700 million of revenue and an unparalleled network of active and high quality service professionals capable of delivering consumers a best-in-class experience.

“Our strong preference would have been to work with you on a confidential and cooperative basis”. “However, we have been unable to develop any meaningful dialogue with you for many months now and were disappointed by your unwillingness to continue discussions with us following our meeting”. According to the letter, Angie’s List executives met with Levin and IAC on October 23. The stock is now up 0.92 on 372K shares. The company’s stock price has been on an upward trend since July, when it hit a low of $3.76 per share.

In a move to build its empire, the parent of Golden-based HomeAdvisor made an unsolicited offer Wednesday to buy rival Angie’s List for $512 million.

A request to Angie’s List for comment on the proposal wasn’t immediately returned.