It’s on – Cooper shareholders vote ‘yes’
Cooper Tire & Rubber has announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of India’s Apollo Tyres, with more than 74 per cent of Cooper’s outstanding common shares voted in favor of the transaction. Approximately 78 per cent of Cooper’s outstanding common shares were voted, with more than 48 million shares voted in favor of the merger, representing approximately 96 per cent of Cooper’s voted shares.
“We are pleased stockholders endorsed this compelling transaction, which will create a US$6.6 billion leader in the tyre industry with a strong global footprint that includes a presence in the world’s largest tyre market of North America as well as in the fastest growing geographies of India and China,” said Cooper chairman, chief executive officer and president Roy Armes.
Cooper and Apollo announced the proposed acquisition on 12 June 2013 following unanimous approval by the boards of directors of both companies. The transaction is expected to close by the end of this year.