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				Bandag owners OK Bridgestone buy
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					Posted: 
					
						Apr 4, 2007 10:31 AM
					
					|
					Last Updated: May 31, 2012 03:00 PM
				
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				MUSCATINE, Iowa -- Bandag shareholders have approved the previously-announced $1 billion acquisition offer by Bridgestone Americas Holding. 

The transaction is expected to close later in the second quarter of 2007 pending receipt of the remaining regulatory clearances in Europe and Canada.

Bridgestone already had a decades-long business relationship with the tire retread company through Tire Distribution Systems, Inc., a commercial retail operation that sells and services new and retread tires.

Bandag will become a wholly-owned subsidiary of Japan-based Bridgestone. 

"Today's action by our shareholders marks an important milestone toward the completion of the proposed merger," said Martin G. Carver, Chairman, president and CEO of Bandag.
			
				
				
			
				
				
			
			
			
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