Update on Bridgestone/Bandag deal
Bandag Inc. has received notice from the Federal Trade Commission that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has been granted, effective immediately.
This ends the required waiting period for the proposed acquisition of Bandag by Bridgestone Americas Holding Inc.
Absent early termination, the statutory waiting period under the Hart-Scott-Rodino Act would have expired at 11:59 p.m. on
Feb. 8, 2007.
On Dec. 5, 2006, BSAH announced its intention to acquire Bandag for more than $1 billion in cash.
"This proposed merger remains subject to the receipt of shareholder
approval and other regulatory approvals, as well as the satisfaction of customary closing conditions," say Bandag officials.
The transaction is expected to be completed during the second quarter of 2007.