The company had been publicly traded for more than 50 years.

Shareholders agreed to a $50 million buyback of the company’s minority shareholdings, and will now become a wholly owned subsidiary of its parent company.

Reports said that minority shareholders hold about 14.5 million shares of Bridgestone Australia, while Bridgestone Corp. holds some 22 million shares or 60.3%. Bridgestone reportedly is offering $3.40 per share for the outstanding minority shares.

Bridgestone Australia will be delisted from the Australian stock exchange on May 30.