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News Breaks | | | | October 16, 2012 | | 08:20 EDT |  | BIDZ | Bidz.com provides merger status update
On Oct. 11, BIDZ announced that it had agreed to provide Glendon Group until the close of business on Oct. 15 to close the merger. As of the close of business on Oct. 15, Glendon Group has not closed the merger. BIDZ has notified Weston Capital Management LLC and its affiliated fund of Glendon Group's failure to close the merger and requested that Weston Capital and its affiliated fund honor their joint and several equity commitment and guarantee obligations entered into in connection with the merger agreement by funding sufficient capital to complete the merger. The company intends to work cooperatively with Glendon Group and with Weston Capital and its affiliated fund to seek to close the merger as expeditiously as reasonably practicable. | |
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