Autobytel amends rights plan for Coghill

By Lisa Kerner

Charlotte, N.C., Jan. 15 - Autobytel Inc. amended its stockholder rights plan, allowing CCM Master Qualified Fund, Ltd., Coghill Capital Management, LLC and Clint Coghill to collectively acquire beneficial ownership of more than 15% of Autobytel's common stock without triggering the rights plan.

The shareholders entered into a standstill agreement with Autobytel that prohibits them from attempting to direct or influence the company's management, among other things.

According to Autobytel, the standstill restrictions apply for as long as CCM, Coghill Capital and Clint Coghill collectively beneficially own more than 9.7% of the company's common stock.

Autobytel is an Irvine, Calif., automotive media and marketing services company.

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