TBC Shareholders Approve Acquisition by Sumitomo Corporation of America
November 15 2005 - 11:57AM
PR Newswire (US)
PALM BEACH GARDENS, Fla., Nov. 15 /PRNewswire-FirstCall/ -- TBC
Corporation (NASDAQ:TBCC), announced that its shareholders, at a
special meeting held today, voted to adopt the merger agreement
under which Sumitomo Corporation of America ("SCOA") will acquire
TBC, one of the leading marketers of automotive replacement tires
in the U.S. Under the merger agreement, SCOA will pay $35 in cash
per TBC share. Including debt, the total acquisition value is
approximately $1.1 billion. The transaction is expected to close
later this week. About TBC: TBC Corporation is one of the nation's
largest marketers of automotive replacement tires through a
multi-channel strategy. The Company's retail operations include
company-operated retail centers under the "Tire Kingdom",
"Merchant's Tire & Auto Centers" and "National Tire &
Battery" brands and franchised retail tire stores under the "Big O
Tires" brand. TBC markets on a wholesale basis to regional tire
chains and distributors serving independent tire dealers throughout
the United States and in Canada and Mexico. The Company's
proprietary brands of tires have a longstanding reputation for
quality, safety and value. About Sumitomo Corporation of America:
Established in 1952, and headquartered in New York City, SCOA
operates offices in 10 American cities. SCOA is the largest
wholly-owned subsidiary of Tokyo-based Sumitomo Corporation
(TSE:8053), one of the world's leading traders of goods and
services. As an integrated business enterprise, the firm has
emerged as a major organizer of multinational projects, an
expediter of ideas, an important international investor and
financier, and a powerful force for distribution of products and
global communications through a network of offices worldwide.
Homepage: http://www.sumitomocorp.com/ TBC Corporation Safe Harbor
Statement This document contains "forward-looking statements," as
that term is defined under the Private Securities Litigation Reform
Act of 1995, regarding expectations for future financial
performance, which involve uncertainty and risk. It is possible
that the Company's future financial performance may differ from
expectations due to a variety of factors including, but not limited
to: changes in economic and business conditions in the world;
increased competitive activity; consolidation within and among
competitors, suppliers and customers; unexpected changes in the
replacement tire market; the Company's inability to attract as many
new franchisees or open as many distribution outlets as stated in
its goals; changes in the Company's ability to identify and acquire
additional companies in the replacement tire industry and
successfully integrate acquisitions and achieve anticipated
synergies or savings; fluctuations in tire prices charged by
manufacturers, including fluctuations due to changes in raw
material and energy prices, changes in interest and foreign
exchange rates; the cyclical nature of the automotive industry and
the loss of a major customer or program. It is not possible to
foresee or identify all such factors. Any forward-looking
statements in this release are based on certain assumptions and
analyses made by the Company in light of its experience and
perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Prospective investors are cautioned that any
such statements are not a guarantee of future performance and
actual results or developments may differ materially from those
projected. The Company makes no commitment to update any
forward-looking statement included herein, or to disclose any
facts, events or circumstances that may affect the accuracy of any
forward-looking statement. Additional information on factors that
could potentially affect the Company or its financial results may
be found in the Company's filings with the Securities and Exchange
Commission. DATASOURCE: TBC Corporation CONTACT: Thomas W. Garvey,
Executive V.P. & Chief Financial Officer of the TBC
Corporation, +1-561-227-0955; or Investors: Betsy Brod, or Jonathan
Schaffer, Brod & Schaffer, LLC, +1-212-750-5800 Web site:
http://www.tbccorp.com/
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