Cooper Tire closer to being acquired by Indian tire giant
Mon, 30 Sep 2013 18:33:02 GMT —
early four months after announcing a multi-billion dollar deal, Cooper Tire & Rubber Co. is one step closer to being acquired by India's largest tire manufacturer.
Cooper Tire's shareholders approved the firm's pending sale to Apollo Tyres Ltd. on Monday, with over 48 million shares voting in favor of the sale.
In June, Cooper and Apollo announced the $2.5 billion deal saying the two organizations together would have "significant opportunities for growth."
"This is a compelling transaction that is in the best interest of Cooper's stockholders and offers attractive benefits to our customers and employees," said Roy Armes, Cooper Tire's chairman.
The acquisition will create a $6.6 billion presence in the global tire industry.
Apollo says Cooper will continue to be led by members of its current management team and will continue to operate out of its facilities located around the world. There has been no specific mention of the future of the Cooper Tire base in Findlay, Ohio.
The deal is expected to close by the end of the year.