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TBC's board approves Sumitomo acquisition

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TBC Corp.'s board of directors has unanimously approved TBC's sale to Sumitomo Corporation of America (SCOA). TBC shareholders will meet on Nov. 15 to vote for or against the transaction, which was announced last month. They also can vote by proxy.

If the deal goes through, TBC will become a wholly owned subsidiary of SCOA.

"Stockholders will be entitled to receive $35 in cash, without interest and less any applicable withholding tax, for each share of TBC common stock owned by them," TBC CEO and President Larry Day said in a letter to stockholders that was issued yesterday.

"After careful consideration, our board of directors has unanimously determined that the merger agreement and the merger are advisable, fair to and in the best interests of TBC and its stockholders."

SCOA says it will keep TBC's current management team in its current position after the buy-out.

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