Bidz.com to be taken private

Leading online retailer Bidz.com is going to be taken private as it has signed an agreement with Glendon Group Inc for the same. This transformation of Bidz.com is an all cash transaction, reports say.

The deal is of 78 cents per share, which is at a premium of about 60 percent over Bidz.com’s closing price of 49 cents per share on May 16. The transaction values the company at about $14.3 million, reports add.