Shares of Angie's List Inc
Angie's List's stock is known to be heavily sold following a poor earnings report, as was seen
Angie's List said it lost $0.28 per share in the third quarter on revenue of $79.74 million. Wall Street analysts were expecting the company to lose $0.14 per share on revenue of $81.9 million.
The company highlighted its business improvements since it has made changes to the platform,
In conjunction with the company's earnings report, Angie's List's CEO Scott Durchslag said management has decided to explore strategic alternatives to "achieve the full potential of our new platform." The executive said it has hired bankers and advisers at Allen & Company and Bank of America to explore these strategic opportunities.
"We believe this is the right step for the Company at this time and look forward to pursuing a path to maximizing value creation for our shareholders," Durchslag added.
Angie's List's announcement shouldn't come as a complete surprise to investors as the possibility of an M&A transaction was explored by Wall Street. Blake Harper of Topeka Capital Markets commented in a note in late 2015 that the company is a
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