Bridgestone Americas Completes Acquisition of Bandag
NASHVILLE, TN – Bridgestone Americas Holding, Inc. (BSAH) has completed its $1.05 billion cash merger with Bandag, Incorporated (Bandag).
NASHVILLE, TN – Bridgestone Americas Holding, Inc. (BSAH) has completed its $1.05 billion cash merger with Bandag, Incorporated (Bandag). The two companies entered into a merger agreement Dec. 5, 2006, in which Bridgestone Americas committed to acquire the outstanding shares of each class of Bandag stock for U.S. $50.75 per share. The closing occurred May 31.
BSAH is a subsidiary of Bridgestone Corporation, the world’s largest manufacturer of tires and other rubber products. Bandag is a world leader in the retreading business.
Mark Emkes, chairman and CEO of BSAH also announced the appointment of Saul Solomon to the position of chairman, CEO, and president of Bandag. Previously, Solomon served as vice president and general counsel of BSAH.
Bandag Chairman and CEO Martin Carver, whose family founded Bandag in 1957, will remain an advisor to Solomon and his team.
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