Monday, April 27, 2009
Autobytel Rejects Buyout Offer
Irvine-based Autobytel has pointedly rejected a buyout offer it received last week, saying today in a letter from its board that the $15.8M deal to buy Autobytel by Trilogy Enterprises was "grossly inadequate." In the letter, Autobytel noted that its current cash position is "substantially in excess" of Trilogy's offer, and that it believes it has interest from other buyers. Trilogy offered to pay $0.35 per share for Autobytel on April 21st. Trilogy is a competing provider of services to the automotive industry.