Tag Archives: midas

TBC Corporation Acquires Midas in Successful Tender Offer

Posted on 30 April 2012 by Ken Zino

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. Continue reading →

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TBC Begins Tender Offer for Shares of Midas at $11.50

Posted on 29 March 2012 by Ken Zino

The offer appears positive for Midas shareholders since share prices have ranged from a recent 52-week high of, well, $11.50 – raising the distinct possibility of insider trading – to a 52-week low of $5.08. Currently Midas is trading at $11.47. Midas made $0.28 per share during 2011 or $4 million on revenue of $184 million. For this dismal performance, its top executives were compensated $1.7 million, which left no money to pay a dividend to shareholders. Directors and officers of Midas own more than 10% of the stock, which could result in a challenge to the takeover. Continue reading →

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Midas Sued in Europe for Breach of Contract

Posted on 6 January 2012 by Ken Zino

The unwelcome development for Midas shareholders comes as the Midas board of directors is exploring the possible sale of the company during an ongoing strategic review. Share prices have ranged from a 52-week high of $9.50 to a 52-week low of $5.08. Currently Midas is trading at $8.46. Midas during the first nine months of 2011 had net earnings of $4.4 million ($0.32 per diluted share), an increase from $2.3 million or $0.17 per diluted share in 2010. Midas pays no dividend. Continue reading →

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