Angie’s List may seek outside help, possible sale

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 per cent in early trading on the possibility of a sale. The stock closed Tuesday down 13 cents at $7.57, putting it down 19 per cent 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.