Apollo Tyres And Cooper Tire Receive Regulatory Approval To Merge - Quick Facts

(RTTNews) - India-based Apollo Tyres Ltd and Cooper Tire & Rubber Co. (CTB) announced Friday that the Hart-Scott-Rodino or HSR review period for the pending merger of Apollo and Cooper expired on July 26, 2013 with no action by the Federal Trade Commission or the Department of Justice.

The expiration of the HSR review period satisfies one of the conditions necessary for the transaction to close. Cooper and Apollo expect that, subject to the remaining customary closing conditions, the transaction will be completed before the end of the year.

In June, Apollo Tyres Ltd. has agreed to acquire Cooper Tire & Rubber for about $2.5 billion in cash. As per the terms of the deal that has been unanimously approved by the boards of directors of both companies, Cooper stockholders would receive $35 per share in cash.

Apollo was founded in 1972. The company's premium and mid-tier brands include the flagship Apollo brand and Vredestein. The company has manufacturing units in India, the Netherlands, and South Africa.

Findlay, Ohio-based Cooper Tire, the eleventh-largest tire company in the world by revenue, was founded in 1914. The company's brands include Cooper, Mastercraft, Starfire, Chengshan, Roadmaster and Avon.