Bandag says it's business as usual for now
"Bandag Inc. will continue to operate as it always has during the interim period" leading up to final shareholder and regulatory approval of its sale to Bridgestone Americas Holding Inc. (BSAH), according to a Bandag spokesman.
On Dec. 5, BSAH announced it has entered into an agreement to acquire Bandag for $1.05 billion in cash.
"A preliminary proxy will be prepared in the next week to 10 days," Bandag spokesman Bill Block told moderntiredealer.com, "that ultimately will culminate in the official proxy we issue to our shareholders next month."
The shareholder proxy will announce a vote date. BSAH and Bandag expect the transaction to be completed late during the first quarter or early second quarter of 2007.
Bandag Chairman and CEO Marty Carver and other members of the Carver family hold majority voting rights in the Muscatine, Iowa-based retread company.
Bandag has 45% of the United States truck tire retread market, according to Modern Tire Dealer data.