Bandag shareholders OK sale to Bridgestone

Muscatine, Iowa - Bandag Inc.'s shareholders have approved the $1050 million sale of the company to Bridgestone Americas Holding Inc. at a special shareholders' meeting in Muscatine.

Bandag did not disclose the results of the vote.

The companies are awaiting final approval of the deal by regulatory agencies in Europe, Canada and China, Bandag said. The US Federal Trade Commission signaled its approval of the deal Jan. 26 by granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Bandag said it anticipates the deal, disclosed originally on Dec. 5 will be final during the second quarter.

Technically speaking, the deal involves Bandag merging with Grip Acquisition Corp., a wholly owned subsidiary of Bridgestone in Iowa created to effect the merger. Bridgestone will pay Bandag shareholders $50.75 per share.

While the companies await clearance, they have been planning the integration process through planning teams, Bandag said.

From Rubber & Plastics News (A Crain publication)

Press release from Bandag