Cooper Tire and Rubber Company has received its shareholders’ approval to merge with Apollo Tyres, bringing the tire makers one step closer to completing their $2.5 billion deal. The combined company will be the seventh-largest tyre company in the world and will have a strong presence in high-growth end-markets across four continents. With a combined $6.6 billion in total sales in 2012, the combined company will have a comprehensive portfolio of signature brands and greater ability to cross-sell products in diverse countries with negligible overlap.
About 96 per cent of the shares that were voted at a shareholder meeting on September 30, 2013 were in favour of the merger. The company said about 78 per cent of Cooper’s outstanding common shares were voted at the shareholder meet.
Earlier on June 12 this year, Apollo Tyres had announced to acquire the US-based Cooper Tire & Rubber Company in an all cash transaction valued around $2.5 billion.
About 96 per cent of the shares that were voted at a shareholder meeting on September 30, 2013 were in favour of the merger. The company said about 78 per cent of Cooper’s outstanding common shares were voted at the shareholder meet.
Earlier on June 12 this year, Apollo Tyres had announced to acquire the US-based Cooper Tire & Rubber Company in an all cash transaction valued around $2.5 billion.
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