Wednesday night, InterActiveCorp (IAC) launched a hostile bid to take over Angie's List, reports CNN Money's Chris Isidore. IAC offered $512 million in cash, slightly above Angie's List's market value as of Wednesday evening. The offer also indicated a, "willingness to consider a combination of Angie's List with IAC's HomeAdvisor business through a tax-free stock-for-stock exchange," according to a press release from Angie's List.
CNNMoney also reports that shares fluctuated in after hours trading once the deal was made public:
Shares climbed as much as 17% in after-hours trading on the news, suggesting that some investors thought the final price could be higher. But the trading price later retreated to near the offer price.
Read more about the offer over at CNN Money.