Cooper Tire & Rubber Co. shareholders will meet on April 30 to vote on Goodyear Tire & Rubber Co.'s $2.5 billion acquisition proposal.
The special meeting of shareholders will be held online at 10 a.m. Eastern.
In order for the acquisition to be approved, an affirmative vote by a majority of holders of outstanding shares of Cooper stock will be required. Those who hold stock in the tiremaker as of April 1, 2021, will be entitled to vote. The Cooper board has unanimously approved of the sale, though three Cooper shareholders have filed separate suits alleging the company didn't follow Securities and Exchange Commission rules.
Additionally, shareholders will place an advisory vote on the compensation plan for certain top Cooper executives — their golden parachute, as it's often called in business dealings. And in the event the merger vote isn't approved, shareholders will vote to approve the adjournment of the special meeting to solicit additional proxies.
The April 30 meeting is set specifically for the acquisition and Cooper has said it won't conduct any other business during that meeting. It has scheduled its regular annual meeting for May 7. It, too, will be held online.
