Reuters – BIDZ.com to be Taken Private

Online jewelry retailer BIDZ.com Inc. said it will be taken private by Glendon Group Inc., in a deal valuing the company at about $14.3 million. Glendon will pay 78 cents per share, which represents a premium of about 60% to BIDZ’s Wednesday closing price.

(Reuters) – Online jewelry retailer BIDZ.com Inc said it will be taken private by Glendon Group Inc, valuing the company at about $14.3 million.

 

Glendon will pay 78 cents per share, which represents a premium of about 60 percent to BIDZ’s Wednesday closing price.

 

The company said some stockholders, with a stake of about 37 percent, have agreed to vote in favor of the merger.

 

BIDZ said Glendon has obtained sufficient financing commitments to complete the merger.