Angie’s List may seek outside help, possible sale

IMAGE DISTRIBUTED FOR ANGIE'S LIST - Scott Durchslag, Angie’s List CEO and Angie Hicks, Angie’s List Founder and CMO announce that the site is now free to join at an official launch event on Tuesday, July 12, 2016, in New York. The shift allows unparalleled access to the more than 10 million verified reviews on home service professionals that Angie’s List has amassed over its 21 year history - more than double its nearest competitor. (Jason DeCrow/AP Images for Angie’s List)
IMAGE DISTRIBUTED FOR ANGIE'S LIST - Scott Durchslag, Angie’s List CEO and Angie Hicks, Angie’s List Founder and CMO announce that the site is now free to join at an official launch event on Tuesday, July 12, 2016, in New York. The shift allows unparalleled access to the more than 10 million verified reviews on home service professionals that Angie’s List has amassed over its 21 year history - more than double its nearest competitor. (Jason DeCrow/AP Images for Angie’s List)

Angie’s List may be seeking a partner or a buyer after watching its sales slide for more than a year.

Though third-quarter results released Tuesday were disappointing, shares surged 7 percent in early trading on the possibility of a sale. The stock closed Tuesday down 13 cents at $7.57, putting it down 19 percent in the year to date.

The Indianapolis company is working with Allen & Co. LLC and BofA Merrill Lynch to explore “strategic alternatives.”

Last year, Angie’s List rejected a $512 million takeover offer from internet company IAC/InterActiveCorp. It said the per-share offer of $8.75 was too low. Shares had fallen to around $6.30 by July.

Angie’s List Inc. reported a third-quarter loss of $16.8 million Tuesday, with per-share results and revenue missing Wall Street expectations.

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