TBC Corporation today announced that it has completed the acquisition of Midas, Inc. through one of its wholly owned subsidiaries, Gearshift Merger Corporation, with Midas being the surviving corporation. The short form merger was the final step of the acquisition process and follows TBC’s payment for all of the shares validly tendered.
The buyout offer expired on 24 April 2012 with approximately 68.8% of Midas’ outstanding shares 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,” said Larry Day, TBC chairman and chief executive officer. TBC is one of the largest marketers of replacement tires in the United States.