TBC is one of the largest marketers of replacement tires in the United States.
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.
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
