A deal to take Itasca-based automotive service provider Midas Inc. private is expected to close Monday.
Midas announced in March that it would be acquired by Florida-based TBC Corp. for $173 million in cash and additional $137 in assumed debt. TBC makes replacement vehicle tires and distributes them to wholesalers and to consumers through retail chains National Tire and Battery, Tire Kingdom and Merchants Tire & Auto Center. The company is owned by Sumitomo Corp. of Japan.
Under a tender offer that expired Tuesday, TBC will own 68.8 percent of Midas Inc.’s outstanding common stock at $11.50 per share. The company also said it intends to exercise a “top up” provision to purchase additional shares, a move that allows the acquisition to move forward without stockholder approval.
All other shares will be canceled, and shareholders will be have the right to receive $11.50 per share in cash. As of Monday, when the merger is expected to be completed, the companies said Midas will no longer trade on the NYSE.
Midas, with 2,250 Midas shops in 14 countries and 161 SpeeDee Oil Change Centers, derives from brake and muffler jobs but also from franchising agreements, real estate and sale of repair shop software.
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