Goodyear Tire & Rubber Co will acquire Cooper Tire & Rubber Company for approximately $2.8 billion to double its presence in North America and China. Goodyear said the deal also broadens the distribution for Cooper replacement tires through its retail store network.
Under the terms of the deal, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock. The implied cash and stock consideration for Cooper shareholders is $54.36 per share, representing a premium of 24% to its closing price on February 19.
Watch a message from Goodyear Chairman, Chief Executive Officer and President Rich Kramer
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