TBC Corporation Has the “Midas Touch,” Finalizes Acquisition
April 30 2012 - 05:22PM
Business Wire
TBC Corporation (“TBC”), one of the largest marketers of
replacement tires in the United States, today announced that it has
completed the acquisition of Midas, Inc. through one of its wholly
owned subsidiaries, with Midas being the surviving corporation. The
short form merger was the final step of the acquisition process and
follows TBC’s acceptance of and payment for all of the shares
validly tendered and not withdrawn pursuant to its tender offer.
The tender offer expired on April 24, 2012 with approximately 68.8
percent of Midas’ outstanding shares having been tendered. The
transaction is valued at approximately $310 million, including the
assumption of approximately $137 million in debt and pension
liabilities.
“Midas is a terrific fit for our retail group,” stated Larry
Day, TBC chairman and chief executive officer. “We’re going to
capitalize on all the opportunities and synergies created by the
power of our franchise and company-owned operations to most
effectively meet the growing needs of today’s tire and automotive
service consumer.”
Day went on to emphasize the commitment of TBC Corporation and
Sumitomo Corporation of America to its franchise operations. “In
addition to our commitment to consumers, we are dedicated to
strengthening the success of our franchisees. They are a
significant part of the industry and play a critical part in the
success of our strategic plan.”
Midas has requested the New York Stock Exchange to take the
necessary steps with the U.S. Securities and Exchange Commission to
delist Midas’ common stock from the NYSE.
About TBC Corporation
Headquartered in Palm Beach Gardens, Fla., TBC Corporation is
one of the nation’s largest marketers of automotive replacement
tires through a multi-channel strategy. TBC Corporation is a
wholesale supplier to independent regional tire retailers and
distributors throughout the U.S., Canada and Mexico. Additionally,
TBC’s wholesale group operates Carroll Tire, a regional tire
wholesale distributor servicing independent tire dealers across the
United States. TBC’s Retail Group operates more than 1200
franchised and company-owned tire and automotive service centers
under the brands Tire Kingdom®, Merchant’s Tire & Auto
Centers®, NTB-National Tire & Battery and Big O Tires®.
TBC is owned by Sumitomo Corporation of America (SCOA). SCOA is the
largest subsidiary of Sumitomo Corporation (SC), one of Japan’s
major integrated trading and investment business enterprises.
About Midas
Midas is one of the world’s largest providers of automotive
service, offering brake, maintenance, tires, exhaust, steering and
suspension services at nearly 2,250 franchised, licensed and
company-owned Midas shops in 13 countries, including nearly 1,500
in the United States and Canada. Midas also owns the SpeeDee Oil
Change business, with 160 auto service centers in the United States
and Mexico.
Midas (NYSE:MDS)
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