An investigation on behalf of investors of Angie’s List Inc (NASDAQ:ANGI) in connection with the proposed takeover was announced and NASDAQ:ANGI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/11/2017 -- The takeover of Angie's list Inc is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold NASDAQ:ANGI shares, concerning whether the takeover of Angie's List Inc. by IAC is unfair to NASDAQ:ANGI stockholders.
Investors who purchased shares of Angie's List Inc (NASDAQ:ANGI) and currently hold any of those NASDAQ:ANGI shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Angie's List Inc breached their fiduciary duties owed to NASDAQ:ANGI investors in connection with the proposed acquisition.
On May 2, 2017, Angie's List Inc (NASDAQ:ANGI) and IAC (NASDAQ: IAC) announced they have entered into an agreement to combine Angie's List and IAC's HomeAdvisor into a new, publicly traded company, to be called ANGI Homeservices Inc. Under the terms of the agreement, Angie's List Inc (NASDAQ:ANGI) stockholders will have the right to elect to receive either one share of Class A common stock of the new company or $8.50 per share in cash, for each share of Angie's List Inc (NASDAQ:ANGI) stock that they own, with the total amount of cash available in the transaction capped at $130 million.
However, given that at least one analyst has set the high target price for NASDAQ:ANGI shares at $9.00 per share and that NASDAQ:ANGI shares rose to as high as $11.91 per share on May 10, 2017 in the open market, the investigation concerns whether the offer is unfair to NASDAQ:ANGI stockholders. More specifically, the investigation concerns whether the Angie's List Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of Angie's List Inc (NASDAQ:ANGI) reached in 2013 as high as $28.00 per share.
Those who are current investors in Angie's List Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego