Cobalt Group Leaps on Buyout
Cobalt Group (CBLT) , providers of e-business services for auto dealers, was up 73.3% in late afternoon.
The company announced its largest shareholder, private investment firm
Warburg Pincus
, will buy the company for $3.50 a share, a 79.5% premium over Friday's closing price of $1.95. After the merger, Cobalt will be privately held by Warburg, which currently holds a 46% stake.
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