Online jewelry retailer Bidz.com Inc said it will be taken private by Glendon Group Inc, valuing the company at about $14.3 million.

Bidz.com's online auction site

Glendon will pay 78 cents per share, which represents a premium of about 60 percent to Bidz's Wednesday closing price.

The company said some stockholders, with a stake of about 37 percent, have agreed to vote in favor of the merger.

Bidz said Glendon has obtained sufficient financing commitments to complete the merger.