Tuesday, April 21, 2009

Autobytel Gets Acquisition Offer

Irvine-based Autobytel, which operates a number of online sites focused on buying and selling cars, said late Tuesday morning that the firm has received an unsolicited offer to acquire the company. According to Autobytel, the bid--from Infield Acquisition, Inc., Trilogy Enterprises, Inc. and Trilogy, Inc.--is worth $0.35 in cash for each share of the firm's common stock. The deal is worth approximately $15.8M. According to Autobytel, its board of directors and management is reviewing the bid, and will recommend acceptance or rejection of the offer by April 24th. Trilogy is a provider of business services to the automotive industry, and is based in Texas. Trilogy claimed the offer represents a 32% premium over Autobytel's 30-day average closing price of its stock, although the offer is below the firm's most recent close.