Breaking News Bar
updated: 1/30/2013 9:44 AM

Midas wins dismissal of shareholder suit over TBC purchase

hello
Success - Article sent! close
 
Bloomberg News

Itasca-based Midas Inc., the operator of car service centers, won dismissal of a shareholder lawsuit over tire supplier TBC Corp.'s acquisition of the company.

U.S. District Judge Edmond Chang in Chicago said shareholder Jacob Scheiner didn't show that Midas and other defendants acted with an intent to deceive investors or had reckless disregard of the risk that its statements were false.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Scheiner claimed that Midas failed to disclose information about competing bidders, preventing shareholders from making an informed decision about supporting the deal.

Midas, which has more than 2,250 franchised, licensed and company-owned namesake stores in 14 countries, announced in March that it agreed to be acquired by tire TBC for about $173 million. The cash offer was $11.50 a share.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.