Law Firm Investigating Bidz Acquisition

Securities litigation firm Rigrodsky & Long is investigating the planned purchase of Bidz.com, a statement said.

Under the terms of the proposal, public shareholders of Bidz.com will receive $0.78 per share in cash for each share of Bidz.com they own, the statement said. However the statement claims that at least one analyst has set a price target for Bidz.com stock at $1.25 per share.

Bidz announced May 17 that it had entered into a merger agreement with Glendon Group. The purchase will take the company private.

Under the agreement, Bidz is entitled to actively solicit alternative transaction proposals until 11:59 p.m. on June 25.