Cooper Shareholders Approve Acquisition by Goodyear
Cooper Tire & Rubber Co. stockholders overwhelmingly voted to approve the agreement to merge with Goodyear Tire & Rubber Co. About 99% of Cooper shareholder votes were cast in favor of the transaction.
“We are pleased with the strong support of our stockholders for the proposed business combination of Cooper and Goodyear as all proposals related to the acquisition were approved,” said John Holland, chairman of Cooper's board. “This step is an important one in the process of bringing together our two companies to continue to meet the needs of customers, consumers and other stakeholders around the world while driving value for shareholders.”
The deal remains subject to regulatory approvals, and the satisfaction of customary closing conditions.
In February, when it announced, the deal amounted to a $2.5 billion acquisition, but as the values of the tiremakers' stocks have fluctuated, that price too has likely changed.
The deal combines two Akron-born tiremakers, and gives Goodyear three additional U.S. tire production facilities, with an extra 97,000 units of daily passenger and light truck production. Cooper's 10,000 global employees, working in 15 countries worldwide, will join Goodyear and Cooper will become a wholly-owned subsidiary of Goodyear.
The tiremaker's headquarters will be based in Akron, but Goodyear has said it will maintain a Cooper presence in Findlay, Ohio, the current site of Cooper headquarters.
The addition returns Goodyear to its spot as the third-largest tiremaker in the world.