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Bandag's Carver will stay on in advisory capacity, says Bridgestone

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Bandag Inc. Chairman and CEO Marty Carver will serve "as a resource and an essential advisor" to the company after Bridgestone Americas Holding Inc. (BSAH) completes its acquisition of Bandag, a BSAH spokesperson has told moderntiredealer.com.

It has not been determined who will run Bandag, which will operate as a wholly owned subsidiary of BSAH, on a day-to-day basis.

"At this point, it's premature to talk about anything like that. The deal is subject to shareholder approval and regulatory approval."

Earlier today, Dec. 5, BSAH announced it has entered into an agreement to acquire Bandag for $1.05 billion in cash. The deal is expected to close at the end of the first quarter or beginning of the second quarter in 2007.

For more on the announcement, see the headline "Bridgestone Americas to acquire Bandag for $1 billion" on moderntiredealer.com.

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