Bandag buys stock

MUSCATINE, Iowa (June 19)—Bandag Inc. has purchased 1.1 million shares of company Class B Common Stock and 418,371 shares of its Class A Common Stock from Lucille A. Carver, widow of Bandag founder Roy J. Carver Sr. and mother of two company executives. The sale reduces the voting power of the Carver family—composed primarily of the descendents of Roy and Lucille Carver—in Bandag to about 64 percent from 78 percent. Following the sale of shares and transfers of stock to her three sons, Lucille Carver will have no further ownership in the firm. Sons Martin G. Carver, who serves as Bandag chairman of the board, president and CEO, and Roy J. Carver Jr., a Bandag director, will have sole voting power of 28 percent and 22 percent, respectively, and share more than 14 percent of the company's total voting power, according to Bandag.