Bidz.com Acquired, Going Private
Bidz.com, an online retailer of jewelry, announced that it's entered into a definitive merger agreement with Glendon Group to be acquired for $0.78 per share in cash. This per share price represents a premium of 59.2 percent over the company's closing price of $0.49 per share on May 16, 2012, the last trading day prior to the execution of the merger agreement. The proposed transaction is expected to close in the fourth quarter of 2012. Following completion of the transaction, Bidz.com would become a privately held company.