Cooper Tire Stockholders Approve Acquisition By Apollo Tyres - Quick Facts

(RTTNews) - Replacement tires maker Cooper Tire & Rubber Company (CTB) announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of India-based Apollo Tyres Ltd with more than 74 percent of Cooper's outstanding common shares voted in favor of the transaction.

Approximately 78 percent of Cooper's outstanding common shares were voted, with more than 48 million shares voted in favor of the merger, representing approximately 96 percent of Cooper's voted shares.

It was on June 12, 2013, Cooper Tire & Rubber announced it has agreed to be acquired by a wholly-owned subsidiary of India-based Apollo Tyres Ltd., in an all-cash transaction valued at about $2.5 billion. 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.

The companies have already received the U.S. and foreign regulatory clearance necessary to close the transaction.

The pending merger is expected to close by the end of this year.