Bidz.com still hasn’t completed its anticipated merger with Glendon Group—and now the Los Angeles-based jewelry e-tailer has filed a lawsuit to ensure it happens.
Bidz shareholders first approved the merger on Sept. 28. The company then sent out a release declaring Bidz “a private company.”
However, almost immediately afterwards, the company sent out a “correction” saying that Glendon Group had until Oct. 1 to complete the merger. The merger deadline has since been extended four times, finally to Oct. 15. No reason has been given publicly for the delays.
Now, according to a company release, Bidz has filed a lawsuit in Delaware court to compel both Glendon Group and Western Capital Management LLC to honor their obligations and complete the merger. The legal papers were not available to JCK at press time.
“Notwithstanding the filing of the Delaware lawsuit, BIDZ will continue to work with Glendon Group and with Weston Capital and its affiliated fund to seek to close the merger as expeditiously as practicable,” the release added.