BIDZ.com (BIDZ) Signs Go-Private Transaction with Glendon Group
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As previously announced, on May 17th, 2012, BIDZ.com, Inc. (Nasdaq: BIDZ), a leading online retailer of jewelry, entered into a definitive merger agreement with Glendon Group, Inc. to be acquired for $0.78 per share in cash.
The merger agreement was negotiated on behalf of the Company by a Special Committee of its Board of Directors composed entirely of independent directors, with the assistance of financial and legal advisors. Based in part on the Special Committee's unanimous recommendation, the Company's Board of Directors unanimously (with one director abstaining, due to his interest in the transaction) approved and declared the merger agreement to be advisable, fair to, and in the best interests of the Company and its stockholders, and has resolved to recommend that the Company's stockholders adopt and approve the merger.
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The merger agreement was negotiated on behalf of the Company by a Special Committee of its Board of Directors composed entirely of independent directors, with the assistance of financial and legal advisors. Based in part on the Special Committee's unanimous recommendation, the Company's Board of Directors unanimously (with one director abstaining, due to his interest in the transaction) approved and declared the merger agreement to be advisable, fair to, and in the best interests of the Company and its stockholders, and has resolved to recommend that the Company's stockholders adopt and approve the merger.
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