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Slide #67. Cooper Tire & Rubber Company — Apollo Tyres
Cooper Tire & Rubber Company (NYSE:CTB)
Cooper Tire & Rubber Company (NYSE:CTB) today announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of Apollo Tyres Ltd (NSE: ApolloTYRE) with more than 74 percent of Cooper's outstanding common shares voted in favor of the transaction. When finalized, the pending merger will result in a strategic business combination that creates the seventh-largest tire company in the world. Approximately 78 percent of Cooper's outstanding common shares were voted, with more than 48 million shares voted in favor of the merger, representing approximately 96 percent of Cooper's voted shares.
Cooper Tire & Rubber is a manufacturer and marketer of replacement tires. In its Americas Tire Operations segment, Co. manufactures and markets passenger car and light truck tires, mainly for sale in the United States replacement market, and also supplies passenger car tires to the Mexican, North American, Central American and South American markets. In its International Tire Operations segment, Co.'s United Kingdom entity manufactures and markets motorcycle and racing tires and tire retread material for domestic and global markets, and its Serbian entity manufactures passenger car and light truck tires mainly for the European markets and for export to the North American segment.
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Hold (2.00 out of 4)