Bandag Inc. announced today that its shareholders have approved the merger of the company with Bridgestone Americas Holding Inc. (BSAH) subsidiary, Grip Acquisition Corp. The transaction is expected to close later in the second quarter.
BSAH will acquire the outstanding shares of each class of stock of Bandag for $50.75 per share in cash. Bandag will become a wholly owned subsidiary of BSAH.
“Today’s action by our shareholders marks an important milestone toward the completion of the proposed merger,” said Martin G. Carver, chairman, president & CEO of Bandag.
