Cooper Tire Sets Date for Vote on Apollo Buyout

At the end of September, shareholders of Cooper Tire & Rubber (NYSE: CTB  ) will get to say "yea" or "nay" to a buyout offer. The company announced that it has scheduled a ballot for Sept. 30 on an acquisition proposal currently on the table from India-based Apollo Tyres. Cooper shareholders as of the close of business on Aug. 30 are eligible to vote on the matter.

In June, Apollo Tyres offered $35 per share for the American company, valuing it at roughly $2.5 billion.

In the press release announcing the news, Cooper Tire's management made little attempt to hide its enthusiasm for the deal. The company quoted its CEO, Roy Armes, as saying that "when completed, the transaction will join two great companies to create a global leader in tire manufacturing and distribution."

The boards of both companies have already unanimously approved the deal.

Cooper Tire's stock most recently closed at $31.93 per share.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2618453, ~/Articles/ArticleHandler.aspx, 10/20/2014 12:36:12 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement