Angie's List May Sell Itself, Shares Soar

(RTTNews) - Angie's List Inc. (ANGI) Tuesday said it is exploring strategic options, just a year after it rejected a takeover bid from IAC/InterActiveCorp.

The company said it has hired financial advisers Allen & Co. LLC and Bank of America Merrill Lynch to help it review its strategic options as the company continues struggle to improve its bottom line and seek new growth avenues.

Nearly an year ago IAC/InterActiveCorp made an unsolicited buyout offer of $512 million to takeover Angie's, however, Angie's List had rejected that offer saying that the offer of $8.75 per share undervalued the company.

Angie's List provided a service were customers can contact other service providers like painters and plumbers. At quarter's end, Angie's reported memberships of 4.5 million, up from 3.2 million.

For the third quarter, Angie's List reported a loss of $16.8 million or $0.28 per share, compared with last year's profit of $82,000 or break-even per-share. Revenues dropped 8.3% to $79.7 million.