TBC Puts Final Touches on Midas Deal
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
TBC Closes in on Midas Deal
The tender offer for Midas Inc.’s outstanding shares ended on April 24, and TBC Corp. now owns 68% of the Itasca, Ill., vehicle service chain.
TBC Begins Tender Offer for Midas Shares
Even as lawyers for at least four firms continue to troll for angry Midas shareholders looking to challenge the company’s self-sale, TBC Corp. has started its tender offer for Midas stock to complete its purchase of the auto service and tire chain. TBC’s tender offer is for all of the outstanding shares of common stock
Law Firms Launch Investigations of TBC-Midas Deal
Several law firms have announced they are investigating the sale of Midas Inc. to TBC Corp. for company shareholders. As part of the $310 million purchase, TBC said it will pay Midas shareholders $11.50 in cash for each share of Midas stock owned. The investigations center on whether MDS shareholders are receiving adequate compensation for
Midas, TBC CEOs Comment on Merger
Following news that TBC Corp. will purchase Midas Inc. for an estimated $310 million, Midas CEO Alan Feldman described the deal as "the best opportunity for Midas to go forward." “It’s a strategic, compelling marriage of two leading brands in the automotive repair aftermarket,” Feldman told the Chicago Tribune. “Tires are an important part of
TBC Steps in to Buy Midas in $310 Million Deal
Sumitomo Corp. of America-owned TBC Corp. has entered into a deal to buy automotive service and tire retailer Midas Inc. in a deal estimated at $310 million.
Midas Posts Lower Sales But Improves Bottom Line
Midas Inc. has reported a net loss of $400,000 for the fourth quarter of 2011, an improvement over a year-over-year net loss of $15.7 million. The loss came against sales for the quarter of $43.5 million, compared to $46.6 million in the fourth quarter of the prior year. For the full year, Midas claimed 2011
Monro Eyes Buys – and Midas is on the Shopping List
Fresh from posting record quarterly sales and net profits, Monro Muffler Brake Inc. is looking to make a major acquisition, and is considering a run at competitor Midas Inc. The Rochester, N.Y., service chain told investors that it was evaluating acquisition targets, including Midas, and hopes to close on at least one deal this quarter.
Midas Reports Third Quarter Results
The company’s net earnings were $1.4 million for the third quarter ended Oct. 1, compared to $0.8 million in the third quarter of 2010.
Kumho Sets Deal to Supply Tires to Midas
The “partnership program” gives rebates to Midas stores purchasing Kumho tires. Tire distributors will get a 1% credit for administering the program.