Cooper Tire Sets Date for Vote on Apollo Buyout
At the end of September, shareholders of Cooper Tire & Rubber 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.
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