MUSCATINE, Iowa (Jan. 30) — The required 30-day waiting period for regulatory review of Bandag Inc.'s pending sale to Bridgestone Americas Holdings Inc. has been terminated early, according to a notice Bandag said it received from the Federal Trade Commission.
The Hart-Scott-Rodino Antitrust Improvements Act of 1976 requires parties planning mergers or acquisitions to file notification and report forms with the FTC and the Antitrust Division of the Justice Department to review the transactions for possible antitrust violations. The 30-day waiting period then ensues, during which time the regulatory agencies may request further information.
Absent early termination, the statutory waiting period for Bridgestone´s buyout of Bandag would have expired at 11:59 p.m. on Feb. 8.
Bridgestone Americas announced Dec. 5 its intention to acquire Bandag at $50.75 per share in cash.