Suppliers

Cooper accelerates share purchase program

Posted on August 7, 2014

Cooper Tire & Rubber Co. has entered into an accelerated share repurchase (ASR) program with J.P. Morgan Chase Bank N.A. Under the ASR agreement, the company will repurchase an aggregate of $200 million of its common stock.

Cooper will receive approximately 80% of the number of shares to be repurchased at the inception of the ASR program, or approximately 5.6 million shares, based on the closing share price on Aug.6, 2014 ($28.74).

The total number of shares to be repurchased will be determined on final settlement. The number of shares to be delivered at the completion of the program, net of the initial delivery, will be based primarily on the volume-weighted average price of Cooper’s common stock during the term of the ASR, less a discount and subject to certain adjustments.

The term of the ASR is scheduled to run from Aug. 7, 2014, until February 2015, and may be shortened at the option of J.P. Morgan. As of July 31, Cooper had approximately 63.6 million outstanding common shares.

"Cooper is in a strong financial position, and the accelerated share repurchase demonstrates our commitment to continuing to deliver value to shareholders," says Roy Armes, Cooper’s chairman, CEO and president. "Our board also declared Cooper’s 170th consecutive dividend
yesterday, and we intend to continue to invest in important growth opportunities to provide increased shareholder value over the long term.”

Related Topics: Cooper financials, Roy Armes, Stock offering

Comments ( 0 )
More Stories
The top tire technology designs by college students participating n Hankook's Design Innovation program were displayed at the company's Design Insight Forum event.
News

Hankook Encourages Young Tire Designers

Hankook Tire Co. Ltd. focused on smart mobility tire concepts and electric vehicle technology at its annual Design Insight Forum at the Hankook Technodome.

Jim Mayfield thanked Kumho dealers for weathering a lot of changes over the past year and a half, and said those changes were made with an intent to create stability for the brand.
News

Kumho Promises Dealers a Stable New Year

“Consistent. Stable. Dependable.” Those three little words detail the outlook and plan for Kumho Tire USA Inc. in 2017, says Jim Mayfield, national vice president of sales and marketing.

Kim Yong-Hak has been named a senior vice president at Hankook Tire Co.'s holding company, Hankook Tire Worldwide.
News

Hankook Names New Executives

Hankook Tire Co. Ltd. and its holding company Hankook Tire Worldwide are placing 19 employees in new executive roles effective Jan. 1, 2017, as part of efforts to increase competitiveness in the global top-tier tire market.

News

Toyo Is Georgia's Top Automotive Supplier

Toyo Tire North America Manufacturing Inc. has won the Georgia Department of Economic Development's inaugural Automotive Supplier of the Year Award. The Georgia Automotive Awards recognize leaders throughout the state and honor them as part of the state's automotive ecosystem.

Be the First to Know

Get the latest news and most popular articles from MTD delivered straight to your inbox. Stay on top of the tire industry and don't miss a thing!