Apollo Tyres to acquire Cooper Tire & Rubber Company

By admin July 13, 2013 10:01 am IST

Apollo Tyres and Cooper Tire & Rubber Company have announced the execution of a definitive merger agreement under which a wholly owned subsidiary of Apollo will acquire Cooper in an all-cash transaction valued at about ` 14,500 crore. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35 per share in cash. The transaction represents a 40 per cent premium to Cooper’s 30-day volume weighted average price.
This strategic combination will bring together two companies with highly complementary brands, geographic presence, and technological expertise to create a global leader in tire manufacturing and distribution. Apollo, founded in 1972, has an international reputation for high-performance tires across a portfolio of well-known premium and mid-tier brands, including the flagship Apollo brand and Vredestein. Cooper, the 11th largest tire company in the world by revenue, was founded in 1914 and today supplies premium and mid-tier tires worldwide through renowned brands such as Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon.

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