Autobytel Amends Rights Plan and Enters into Standstill with Coghill Capital Management
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IRVINE, Calif.--Autobytel Inc. today announced that it has amended its stockholder rights plan to permit CCM Master Qualified Fund, Ltd., Coghill Capital Management, L.L.C. and Clint Coghill to acquire collective beneficial ownership of more than 15% of Autobytel’s common stock without triggering Autobytel’s stockholder rights plan. In connection with the amendment to the stockholder rights plan, Autobytel also entered into a standstill agreement with CCM, Coghill Capital and Mr. Coghill that contains certain standstill provisions and prohibits CCM, Coghill Capital and Mr. Coghill from taking certain specified actions, including, among other things, a prohibition on any actions that would attempt to direct or influence the management, Board of Directors or policies of Autobytel. The standstill restrictions apply for as long as CCM, Coghill Capital and Mr. Coghill collectively beneficially own in excess of 9.7% of Autobytel’s common stock.
Jeffrey Coats, Chief Executive Officer of Autobytel, stated: “Coghill Capital has been a valued long-term investor in Autobytel, and Autobytel appreciates Coghill Capital’s continued support of the Company. Autobytel looks forward to working with all of our stockholders to maximize stockholder value.”
For more information concerning the provisions contained in the Standstill Agreement, please see Autobytel’s Current Report on Form 8-K regarding this matter.
About Autobytel Inc.
Autobytel Inc. is an Internet automotive marketing services company that helps dealers and manufacturers sell cars and related products and services. The company owns and operates several consumer-facing automotive websites, including Autobytel.com®, AutoSite.com®, Autoweb.com®, Car.comsm, CarSmart.com®, CarTV.com® and MyRide.com®. By providing a convenient and comprehensive automotive consumer experience across the purchase and ownership lifecycle, Autobytel seeks to provide dealerships with opportunities to connect with a steady, diverse stream of motivated, serious shoppers, while providing manufacturers with precision-targeted brand and product advertising opportunities. In addition to its websites, the company generates leads and advertising opportunities for dealers and automakers through its marketing network, which includes the AutoReach ad network, co-brands, such as ESPN.com, and marketing affiliates such as AOL, Edmunds and Kelley Blue Book.