MUSCATINE, Iowa — Bandag recently reported its shareholders have approved the proposed merger of the company with Grip Acquisition, a wholly-owned subsidiary of Bridgestone Americas Holding (BSAH).
The transaction is expected to close later in the second quarter of 2007 pending receipt of the remaining regulatory clearances in Europe and Canada.
“Today’s action by our shareholders marks an important milestone toward the completion of the proposed merger,” said Martin G. Carver, chairman, president and CEO of Bandag.
Bandag manufactures retreading materials and equipment for its worldwide network of more than 900 franchised dealers, which produce and market retread tires and provide tire management services. Tire Distribution Systems, a wholly-owned subsidiary, sells and services new and retread tires; as well, Bandag has an 87.5% interest in Speedco, a provider of on-highway truck lubrication and routine tire services.
On Dec. 5, 2006, Bandag announced that it had entered into a definitive merger agreement with BSAH pursuant to which BSAH will acquire the outstanding shares of each class of stock of Bandag for US $50.75 per share in cash, and Bandag will become a wholly-owned subsidiary of BSAH.
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