Cooper Tire shareholders OK sale to Indian firm
FINDLAY — Cooper Tire & Rubber Co. shareholders have approved the firm's pending sale to Apollo Tyres Ltd of India.
The Findlay-based company said more than 48 million shares voted today in favor of the transaction, representing about 74 percent of all outstanding shares.
"We are pleased stockholders endorsed this compelling transaction, which will create a $6.6 billion leader in the tire industry with a strong global footprint that includes a presence in the world’s largest tire market of North America as well as in the fastest growing geographies of India and China,” Cooper Chief Executive Officer and President Roy Armes said in a statement.
Cooper and Apollo announced the $2.5 billion acquisition deal in June. The sale had already been unanimously approved by the two companies boards of directors.
Cooper said the deal is expected to close by the end of the year.