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AUTOBYTEL INC. COMPLETES ACQUISITION OF iDRIVEONLINE, INC.
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| IRVINE, CA, April 9, 2004 |
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| Updated |
Jun 10, 2004 22:45:46 |
| Rating |
 16 ( -2 -12.5% ) |
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Description:
-- Leading Internet automotive marketing services company Autobytel Inc. (Nasdaq: ABTL) today announced that it has completed the acquisition of iDriveonline, Inc., a leading provider of customer loyalty and retention marketing programs for the automotive industry.
Based on the closing price of Autobytel's common stock on April 8, 2004, the aggregate purchase price is approximately $11.7 million. Under the terms of the agreement, iDriveonline shareholders are entitled to receive 474,501 shares of Autobytel Inc. common stock and approximately $3.6 million in cash after assumption and retirement of debt of approximately $1.4 million, subject to adjustment. Under the terms of the agreement, iDriveonline merged into a newly formed wholly owned subsidiary of Autobytel, which was renamed Real Performance Marketing, Inc. |
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