Angie's List Lawsuits Halted After Clarification
INDIANAPOLIS - Indianapolis-based Angie's List Inc. (Nasdaq: ANGI) says three lawsuits challenging its planned merger with IAC-owned (Nasdaq: IAC) HomeAdvisor Inc. have been dropped. In a filing with the U.S. Securities and Exchange Commission, Angie's List says the suits were called off after the companies adjusted language in the May 1 merger agreement, including provisions involving founder Angie Hicks's role with ANGI Homeservices.
The language discusses what the company says are conversations and outreach by IAC and HomeAdvisor leadership concerning "a suitable role" for Hicks with the combined company and its board, including the possibility of Hicks becoming ANGI Homeservices' chief customer officer.
The legal actions were filed with the U.S. District Court for the Southern District of Indiana on July 18, July 20 and September 11 by separate plaintiffs.
Last month, the company announced September 29 would be the final shareholder vote on the proposed merger. If the vote takes place as scheduled, the merger's closing is expected to follow soon after.