Cooper Tire Sets Date for Vote on Apollo Buyout

By Eric Volkman – Sep 1, 2013 at 7:15AM

NYSE: CTB

Cooper Tire & Rubber

Sept. 30 is the magic day.

At the end of September, shareholders of Cooper Tire & Rubber (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.

Fool contributor Eric Volkman has no position in Cooper Tire & Rubber. Nor does The Motley Fool. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.