During Thursday’s afternoon trade, Shares of Angie’s List, Inc. (NASDAQ:ANGI), surged 11.74% to $8.85.
IAC/InterActiveCorp (IACI) recently declared that it has projected to acquire all of the outstanding shares of Angie’s List, Inc. (ANGI) common stock for $8.75 per share. The transaction projected to the Angie’s List Board of Directors would be structured as an all-cash deal; however, IAC has indicated its willingness to consider a combination of Angie’s List with IAC’s HomeAdvisor business through a tax-free stock-for-stock exchange.
The IAC all-cash proposal represents a premium of greater than 50% over the unaffected price of Angie’s List common stock as of October 12, 2015, the day right away preceding disclosure of TCS Capital’s letter to the Angie’s List Board of Directors advocating pursuit of a planned transaction between Angie’s List and HomeAdvisor and over the trailing 90 day average trading price for the stock.
Financial and Planned Benefits of the Proposal
- The all-cash offer represents a compelling premium of 50% over the Angie’s List unaffected share price, in addition to the trailing 90-day average trading price for the stock.
- The combination of Angie’s List with HomeAdvisor would create the premier platform in the home services market with over $700 million of revenue and an unparalleled network of active and high quality service professionals capable of delivering consumers a best-in-class experience.
- The combined company would have more than $35 billion in gross transaction value and over an estimated 15 million unique visitors per month.
- The combination of Angie’s List’s nationally recognized brand and directory monetization model with HomeAdvisor’s performance based on demand monetization (counting Instant Booking, Instant Connect and Market Matching products) will provide the best experience to the largest number of consumers and service providers alike.
Angie’s List, Inc. operates a local services marketplace and consumer review site in the United States. The company provides marketplace to research, shop for, and purchase local services for home, health, and automotive service needs. It also allows its consumers to rate and review service providers in 253 markets.
Shares of Cambium Learning Group, Inc. (NASDAQ:ABCD), inclined 5.84% to $5.44, during its current trading session.
Cambium Learning Group, declared financial results for its third quarter ended September 30, 2015.
“Cambium Learning Group’s third quarter results demonstrate that our strategy to transform our company by putting technology-enabled solutions into students’ hands is working,” said John Campbell, chief executive officer of Cambium Learning Group. “In the highest volume quarter of the year, we recorded accelerating Bookings and expanding Adjusted EBITDA and Cash Income margins, keeping us on track to achieve our full-year objectives given this solid back-to-school build and the growth of our emerging, more profitable business model. Learning A-Z led this growth in the quarter with Bookings up 27%, Adjusted EBITDA up 15%, and Cash Income up 25%. All of our technology-enabled brands are growing and are also receiving external recognition. We have confirmed our confidence in our 2015 objectives.”
Nine Months Ended September 30, 2015 Financial Highlights
- Bookings for the first nine months of 2015 raised by 5% to $122.4 million contrast with $117.0 million in the first nine months of 2014, led by Learning A-Z’s growth of 23% as contrast to the prior year’s first nine months.
- GAAP net revenues for the nine months ended September 30, 2015 raised by 1% to $109.3 million contrast with $108.5 million in 2014. GAAP net revenues by segment for the nine months ended September 30, 2015, and the change from the same period of 2014, were as follows:
- Learning A–Z™—$39.9 million, raised $8.1 million or 25%
- Voyager Sopris Learning™—$54.8 million, reduced ($8.7) million or (14%)
- ExploreLearning®—$14.5 million, raised $1.4 million or 11%
- Adjusted EBITDA was $28.9 million, increasing $5.1 million from $23.8 million in 2014. The Company continues to see EBITDA improvement attributable to revenue favorability, increasing contributions from the Company’s higher margin technology-enabled products, and lower costs in the Voyager Sopris Learning segment as a result of last year’s actions to right-size cost structure in slower-growing or declining areas of the Company.
- Cash Income was $23.9 million, $5.0 million better than the $18.9 million stated in the nine months ended September 30, 2014. The benefits of higher Bookings and improving margins were partially offset by higher capital expenditures. These capital expenditures reflect planned investments in product development and totaled $15.1 million in the nine months ended September 30, 2015 as contrast to $13.0 million in the nine months ended September 30, 2014.
- Cash Income for Learning A-Z was $19.7 million in the nine months ended September 30, 2015, an improvement of $3.5 million as contrast to the nine months ended September 30, 2014. The improvement in cash income was primarily due to a 23% improvement in Bookings.
- The Company had cash and cash equivalents of $33.5 million at September 30, 2015. During the nine months ended September 30, 2015, cash offered by operations was $15.2 million, cash used in investing activities was $15.5 million, and cash used in financing activities was $0.6 million.
Cambium Learning Group, Inc. operates as an educational solutions and services company in the United States. It operates through four segments: Learning A-Z, Voyager Sopris Learning, ExploreLearning, and Kurzweil Education. The Learning A-Z segment specializes in online delivery of leveled readers and other supplementary curriculum resources for preK-6.
Finally, PAR Technology Corporation (NYSE:PAR), surged 3.31%, and is now trading at $7.28.
Rome Research Corporation (RRC), a wholly-owned partner of PAR Technology Corporation (PAR), recently declared a $5.1 million contract to operate and maintain the Naval Computer and Telecommunications Station (NCTS) Jacksonville, FL. The four year contract is to provide 24/7/365 air-to-ground High Frequency (HF)/Ultra High Frequency (UHF) secure and non-secure voice and data communications at the Naval Computer and Telecommunications Station (NCTS) Jacksonville, FL supporting the Navy’s maritime patrol and reconnaissance force.
“We are honored that the Navy has continued to entrust RRC and its dedicated employees with this mission-critical contract. Our employees are passionate about what they do to support the warfighter,” commented Ron Casciano, CEO & President of PAR Technology.
PAR Technology Corporation, through its auxiliaries, primarily provides technology solutions to businesses and organizations in the hospitality industry worldwide. The company operates in two segments: Hospitality and Government.