Apollo Tyres Ltd. has signed an agreement to acquire Cooper Tire & Rubber Co. for $2.5 billion in cash.
Under the terms of the agreement, which was approved unanimously by the boards of directors of both companies, Cooper stockholders will receive $35 per share in cash.
The combination of the two companies will create an entity with about $6.6 billion in annual sales and manufacturing at a dozen plants in eight countries — China, England, India, Mexico, Netherland, Serbia South Africa and the U.S.
The deal is expected to close within the second half of 2013, Subject to regulatory approvals and other customary closing conditions as well as approval by Cooper’s stockholders.
Source: Tire Business
