ITASCA, Ill. (March 26, 2012) — Automotive service provider and franchisor Midas Inc., which has agreed to be acquired by TBC Corp., is offering a retention bonus of one month's pay to all non-shop personnel below the vice president's level in an effort to keep employees "focused on the job at hand."
Midas Chairman, President and CEO Alan Feldman disclosed the move in a question-and-answer session with employees shortly after TBC and Midas announced their deal on March 13. A transcript of the conversation was posted on the Securities and Exchange Commission website as a Schedule 14D-9 filing.
The bonus is payable to all active employees at the deal's closing, which is expected in the second quarter. Midas did not say how many employees this would affect or the cost of the bonuses.
Palm Beach Gardens, Fla-based TBC has agreed to buy Midas in a cash and debt assumption deal valued at about $310 million.