Friday, January 23, 2009
Autobytel Abandons Sale Efforts
Irvine-based Autobytel said late Thursday that it is ending its "evaluation of strategic alternatives" and a possible sale of the firm. According to the firm, the firm has concluded that "shareholder value would not be maximixed by a sale of the company" in the current market. Autobytel said it continues to look at other strategic alternatives with RBC Capital Markets, the investment bank advising it in the effort. Autobytel said in September that it would look for a buyer, after cutting approximately 35% of the firm's staff and impact from a "challenging economy." The firm then laid off another 25 percent of its staff in December, and swapped CEOs, saying at that point it was still looking for a buyer.