30 September 2013 21:34 [Source: ICIS news]
HOUSTON (ICIS)--Cooper Tire’s stockholders have approved the tyre manufacturer’s $2.5bn ($1.9bn) merger with India’s Apollo Tyres, the US-based company announced on Monday.
More than 74% of Cooper’s outstanding common shares voted in favour of the merger, which had been originally announced in June.
The merger will be an all-cash transaction, with Cooper stockholders receiving $35/share in cash, a 40% premium to Cooper’s 30-day volume-weighted average price, the companies have said.
Closure of the deal is expected by year’s end, Cooper said. After the close, Cooper will be a privately held company of Apollo, and its common stock will no longer be traded on the New York Stock Exchange (NYSE), the companies have said.
Upon completion, the merger will create the seventh-largest tyre company in the world.
“We are pleased stockholders endorsed this compelling transaction, which will create a $6.6bn leader in the tyre industry with a strong global footprint that includes a presence in the world’s largest tyre market of North America as well as in the fastest growing geographies of India and China,” said Roy Armes, CEO of Cooper.
($1 = €0.74)
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