Bandag shareholders approve sale to Bridgestone
Bandag Inc. shareholders have approved Bridgestone Americas Holding Inc.'s acquisition of the Muscatine, Iowa-based retreading company.
Bandag will officially be merged with Grip Acquisition Corp., a wholly-owned subsidiary of BSAH.
"The transaction is expected to close later in the second quarter of 2007, pending receipt of the remaining regulatory clearances in Europe and Canada," say Bandag officials,
On December 5, 2006, BSAH announced its intention to acquire Bandag for more than $1 billion in cash.
"Today's action by our shareholders marks an important milestone toward the completion of the proposed merger," says Bandag CEO, Chairman and President Marty Carver.