Deals
Midas to Be Acquired by TBC for $173 Million in Cash Deal
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Midas Inc., the operator of its namesake and SpeeDee automotive service centers, agreed to be acquired by tire supplier TBC Corp. for about $173 million, joining a group that includes the Tire Kingdom chain.
The cash offer of $11.50 a share is 28 percent higher than Midas’s closing price yesterday and 75 percent higher than its closing price on Aug. 11, when Midas announced it was exploring options such as a possible sale. The transaction includes the assumption of $137 million in debt and pension liabilities, the companies said today in a statement.