Underwriters exercise option on 22.7 million shares of Goodyear stock
Underwriters of Goodyear Tire & Rubber Co.'s May 16th offering of more than 22.7 million shares of common stock have exercised in full the over-allotment option granted to them by the company.
(For more information, see "Goodyear prices common stock offering," May 17, 2007.)
As a result, the company will sell an additional 3.4 million shares of its common stock at the offering price of $33 per share. The offering,
including the exercise of the over-allotment option, is expected to
close on May 22, 2007.
Including the exercise of the over-allotment option, the net proceeds
from the offering, after deducting underwriting discounts and
commissions, are expected to be approximately $834 million.