PALM BEACH GARDENS, Fla. (April 25, 2012) — TBC Corp.'s offer to buy control of Midas Inc. has been accepted by the majority of Midas shareholders, who tendered nearly 69 percent of the firm's outstanding shares for TBC's offer of $11.50 a share as of midnight April 24.
Palm Beach Gardens-based TBC said it expects to pay for the 9.92 million shares accepted for payment pursuant to the tender offer on April 30 and complete the merger immediately thereafter. At that time Midas will become a wholly owned subsidiary of TBC and Midas' common stock will cease to be traded on the New York Stock Exchange.
The value of TBC's offer for the shares tendered is $114.1 million.
TBC also said it intends to exercise the “top-up” provision provided in the merger agreement to purchase additional shares from Midas, which will allow TBC to complete and close the merger and acquisition of Midas without stockholder approval.
All outstanding shares of common stock of Midas—other than shares held by TBC or by Midas' stockholders who are entitled to and properly exercise appraisal rights under Delaware law—will be canceled, TBC said, and converted into the right to receive cash equal to the $11.50 offer price per share.