The US$1.05 billion dollar purchase will see Bridgestone gain a retreading presence in nearly 100 countries through Bandag’s 900-plus dealerships, helping them to compete with the likes of Goodyear and Michelin.
Bandag shares changed hands for the cash price of US$50.75 per share after unanimous approval from the company’s board of directors. The transaction is expected to close in the late first or early second quarter of 2007.