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TBC and Midas enter definitive merger agreement

Midas and TBC have entered a definitive merger agreement.

13 March 2012

Business negotiations between Midas and TBC Corporation could have stepped up a gear, as the two firms have entered a definitive merger agreement.

TBC will acquire Midas for $11.50 (£7.35) per share through a cash tender offer, which creates a total value of around £310 million, with the firm taking on debts and pension liabilities totalling $137 million.

Directors of both companies have approved the combination and chief executive officer, chairman and president of Midas Alan Feldman singed a tender and voting agreement to support the transaction.

He argued the deal is "strategically compelling".

Shareholders will be provided with "significant value", receiving an "immediate premium", the representative pointed out.

Chief executive officer and chairman of TBC Lawrence Day added: "By combining the strengths of Midas' platform with our industry expertise and financial resources, we will build on their current momentum."

TBC recently revealed it intends to expand in Palm Beach Country, boosting its corporate operations and increasing the size of its workforce by 50 people.

Posted by Edel Quinn

Source: Midas press release, March 13th

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