Internet behemoth IAC — which once owned Expedia and now controls brands like Tinder, About.com and Vimeo — made public on Wednesday its repeated attempts to acquire home services company Angie’s List.
According to a letter IAC CEO Joey Levin wrote to Angie’s List’s board, the New York-based firm was willing to pay quite a premium, but became frustrated when the company showed no interest.
Another option apparently open to Angie’s List was to combine with IAC-owned HomeAdvisor, which would create a massive competitor in the home improvement space for companies like Pro.com, Porch.com and Amazon Home Services.
“Our strong preference would have been to work with you on a confidential and cooperative basis,” Levin wrote in the letter. “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.”
Angie’s List confirmed the “unsolicited” buyout offer on Wednesday afternoon. At $8.75 per share, the offer would have valued the company above $500 million. That’s a 10 percent premium on the $7.92 stock price Angie’s List was trading at before the offer was made public.
Since the news, the company’s stock has now climbed to $8.77.
Angie’s List said in a statement it will “carefully review and evaluate IAC’s proposal” and do whatever it feels is best for shareholders.