{"id":27393,"date":"2012-05-18T11:48:00","date_gmt":"2012-05-18T11:48:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/bidz-com-bidz-signs-going-private-merger-agreement\/27393\/"},"modified":"2012-05-18T11:48:00","modified_gmt":"2012-05-18T11:48:00","slug":"bidz-com-bidz-signs-going-private-merger-agreement","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/bidz-com-bidz-signs-going-private-merger-agreement\/27393\/","title":{"rendered":"BIDZ.com &#8211; BIDZ &#8211; Signs Going Private Merger Agreement"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/05\/BIDZ.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-27404\" title=\"BIDZ\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/05\/BIDZ.png\" alt=\"\" width=\"175\" height=\"85\"><\/a>BIDZ.com, Inc. (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=BIDZ\">Nasdaq:BIDZ<\/a>)<\/strong>, a leading online retailer of jewelry, announced that it has entered into a definitive merger agreement with Glendon Group, Inc. to be acquired for $0.78 per share in cash. This per share price represents a premium of 59.2% over the Company&#8217;s closing price of $0.49 per share, on May 16, 2012, the last trading day prior to the execution of the merger agreement, and a premium of 37.7% over the Company&#8217;s volume-weighted average of the closing prices over the 30 consecutive trading days including and immediately preceding May 16, 2012.<\/p>\n<p>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&#8217;s unanimous recommendation, the Company&#8217;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&#8217;s stockholders adopt and approve the merger.<\/p>\n<p>Certain stockholders who currently own approximately 36.6% of the Company&#8217;s outstanding shares, have agreed to vote their shares in favor of adoption of the merger agreement. This voting obligation will terminate if the merger agreement terminates, or if the Company Board changes its recommendation that the stockholders vote in favor of adoption of the Merger Agreement, and in certain other specified circumstances.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>The proposed transaction is expected to close in the fourth quarter of 2012, and is subject to certain closing conditions specified in the merger agreement.\u00a0Glendon Group has obtained equity financing commitments in an aggregate amount sufficient to complete the merger.\u00a0There is no financing condition to Glendon Group&#8217;s obligation to complete the merger.<\/p>\n<p>Following completion of the transaction, BIDZ\u00a0 would become a privately held company and its stock would no longer trade on the <a href=\"https:\/\/thestockmarketwatch.com\/markets\/nasdaq\/today.aspx\">Nasdaq<\/a> Capital Market.<\/p>\n<p><strong>About Bidz.com <\/strong><strong>&#8211; <\/strong><strong>BIDZ<\/strong><\/p>\n<p>Bidz.com (BIDZ), founded in 1998, is a leading online retailer of jewelry. Bidz offers its products through a live auction format as well as a fixed price online retail store.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/autodesk-shares-tumble-on-disappointing-forecast-adsk\/27484\"><br \/>\nAutodesk Shares Tumble on Disappointing Forecast (ADSK)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-settle-above-1590-an-ounce\/27467\"><br \/>\nGold Prices Settle Above $1590 an Ounce<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-lower-post-biggest-weekly-drop-of-2012\/27448\"><br \/>\nStocks End Lower; Post Biggest Weekly Drop of 2012<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-in-red-in-late-trading-6\/27431\"><br \/>\nStocks in Red in Late Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/jp-morgan-knowing-the-future-playing-god\/27425\"><br \/>\nJP Morgan &#8211; Knowing the Future, Playing God<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-remain-in-green-3\/27419\"><br \/>\nGold and Silver Prices Remain in Green<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/u-s-stocks-inch-higher-facebook-commences-trading-on-nasdaq\/27415\"><br \/>\nU.S. Stocks Inch Higher, Facebook Commences Trading on Nasdaq<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>BIDZ.com, Inc. (Nasdaq:BIDZ), a leading online retailer of jewelry, announced that it has entered into a definitive merger agreement with [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[2904],"class_list":["post-27393","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-bidz"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/27393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=27393"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/27393\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=27393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=27393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=27393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}