Bandag Inc. said it has received notice from the Federal Trade Commission that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended has been granted effective immediately,
thus ending the waiting period for the proposed acquisition of Bandag by Bridgestone Americas Holding Inc.
Absent early termination, the statutory waiting period under the Act would have expired at 11:59 p.m. on Feb. 8, 2007.
On Dec. 5, 2006, Bandag announced that it had entered into a definitive merger agreement with Bridgestone Americas pursuant to which Bridgestone will acquire the outstanding shares of each class of stock of Bandag for $50.75 per share in cash. This proposed merger remains subject to the receipt of shareholder approval and other regulatory approvals, as well as the satisfaction of customary closing conditions. The transaction is expected to be completed in the second quarter of 2007.