Online jewelery retailer Bidz.com Inc. has entered into a definitive merger agreement with Glendon Group, Inc. to be acquired for $0.78 per share in cash.

The proposed transaction is expected to close in the fourth quarter of 2012, and is subject to certain closing conditions specified in the merger agreement. Glendon Group has obtained equity financing commitments in an aggregate amount sufficient to complete the merger, according to Bidz.com. There is no financing condition to Glendon Group's obligation to complete the merger.

Following completion of the transaction, Bidz.com, which offers its products through a live auction format as well as through a fixed price online retail store, Buyz.com, also  would become a privately held company and its stock would no longer trade on the Nasdaq Capital Market.