TBC Corp.'s shareholders voted to adopt the merger agreement under which Sumitomo Corp. of America (SCOA) will acquire TBC. Under the merger agreement, SCOA will pay $35 in cash per TBC share.
Including debt, the total acquisition value is approximately $1.1 billion. The transaction is expected to close later this week.
TBC's stock price on the NASDAQ exchange closed at $34.93 on Nov. 14. That compares to a 52-week high and low of $34.96 and $23.46, respectively.
SCOA announced its intention to buy TBC on Sept. 19, 2005. TBC's stock price at the close of the day on Friday, Sept. 16, 2005, was $26.12.
