TBC Takes Midas Private

Palm Beach Gardens, Florida-based TBC Corp. is taking aftermarket auto repair chain Midas Inc. private in a $173 million cash deal, Reuters reported Tuesday. TBC’s offer of $11.50 per share represents a 28 percent premium to the stock’s closing price of $8.99 on Monday.

(Reuters) – Midas Inc., an auto aftermarket repair chain, said it would be taken private by TBC Corp for $173 million in cash.

TBC’s offer of $11.50 per share represents a 28 percent premium to the stock’s closing price of $8.99 on Monday.

Palm Beach Gardens, Florida-based TBC Corp, which supplies automotive replacement tires to retailers and distributors in the United States, said it will also assume $137 million of Midas’s debt and pension liabilities.