TBC shareholders approve acquisition by SCOA
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.