The deal is done. TBC Corp. yesterday completed the acquisition of Midas Inc.
"Midas is a terrific fit for our retail group," stated Larry Day, TBC chairman and CEO. "We're going to capitalize on all the opportunities and synergies created by the power of our franchise and company-owned operations to most effectively meet the growing needs of today's tire and automotive service consumer.
"In addition to our commitment to consumers, we are dedicated to strengthening the success of our franchisees. They are a significant part of the industry and play a critical part in the success of our strategic plan."
Trading of Midas shares on the New York Stock Exchange was halted yesterday after the deal was completed. TBC is paying an estimated $310 million in cash and debt assumption to acquire Midas.