TBC Corporation and Midas, Inc. Enter into Definitive Merger Agreement; Midas Will be Acquired for $11.50/Share
TBCCorporation and Midas, Inc. (NYSE: MDS) today announced that they have entered into a definitive merger agreement, pursuant to which TBC will acquire Midas through a cash tender offer at $11.50 per share. The all-cash transaction is valued at approximately $310 million, including the assumption of approximately $137 million in debt and pension liabilities. The $11.50 per share offer price represents a 75 percent premium over Midas' closing price of $6.58 on August 11, 2011, when Midas announced it would conduct a strategic review process, and a 28 percent premium over the closing share price as of Monday, March 12, 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.