More than 74 percent of Cooper Tire shareholders have approved the $2.5 billion merger with Apollo Tyres, the company announced.
Here’s the release:
Cooper Tire & Rubber Company (NYSE: CTB) today announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of Apollo Tyres Ltd (NSE: ApolloTYRE) with more than 74percent of Cooper’s outstanding common shares voted in favor of the transaction.
When finalized, the pending merger will result in a strategic business combination that creates the seventh-largest tire company in the world. 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.
“We are pleased stockholders endorsed this compelling transaction, which will create a $6.6 billion leader in the tire industry with a strong global footprint that includes a presence in the world’s largest tire 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 merger June 12, 2013 following unanimous approval by the boards of directors of both companies. The pending merger is expected to close by the end of this year.