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Goodyear prepares tender offer for Debica shares

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Goodyear S.A., the Luxembourg-based subsidiary of Goodyear Tire & Rubber Co. has taken the first step in acquiring any and all outstanding shares of Polish tire company TC Debica.

Goodyear, which owns 65.99% of TC Debica's 13.8 million outstanding shares, has filed "an annoucement of the intention to launch the tender offer with the Polish Financial Supervision Commission and the Warsaw Stock Exchange outlining the terms and conditions of the tender offer," according to the company.

The cash tender offer will be 59.52 Polish zloty (approximately $21.15) per share.

In accordance with Polish regulations, the acceptance period for the tender offer will begin on Oct. 12, 2009, and conclude at the close of business in Poland on Nov. 10, 2009. The transaction will be funded with Goodyear's cash and available credit.

Goodyear S.A. has retained UniCredit CAIB Poland S.A. to serve as the intermediary for the tender offer.

TC Debica is a contract manufacturer for Goodyear. Approximately 80% of the tires it produces are sold to Goodyear or Goodyear subsidiaries under various Goodyear brands. Most of the rest are sold by TC Debica in Poland under the Debica brand.

Goodyear S.A. acquired 59.87% of TC Debica's stock in December 1995 and an additional 6.12% in March 2008.

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