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Fly News Breaks for November 12, 2015
IACI, ANGI
Nov 12, 2015 | 05:41 EDT
Piper Jaffray analyst Gene Munster expects the optimism around a near-term takeout of Angie's List (ANGI) to fade. IAC (IACI) last night announced a proposal to acquire Angie's for $8.75 per share, or a 10% premium to the stock's closing price. Angie's new CEO Scott Durchslag and board are committed to turning around the business before selling at a "compressed multiple," Munster told investors last night in a research note. He reiterates a Neutral rating on Angie's with a $6 price target. The stock rallied 11%, or 87c, to $8.79 in after-hours trading last night.
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