INDIANAPOLIS - Angie's List has rejected a $512 million acquisition offer by internet services company IAC/Interactive Corp.
In a letter to IAC's chief executive Tuesday, Angie's List President and CEO Scott Durchslag said the sale was not in the best interest of Angie's List shareholders.
IAC, the owner of websites including About.com and HomeAdvisor.com, made the bid in an effort to expand its home services.
The Indianapolis-based company lets users research, shop for and rate local plumbers, home cleaners and other home services.
Durschlag said in a statement that the Angie's List board concluded IAC's $8.75 per share cash proposal "dramatically undervalues the company and its long-term standalone prospects."