FINDLAY, Ohio (Dec. 9, 2004)—Cooper Tire & Rubber Co. and the investment firms buying the tire maker´s Cooper-Standard Automotive business have agreed to extend the closing into 2005 and to adjust the transaction price by up to $30 million pending a post-closing accounting of the working capital.
The original final date for closing the deal was Dec. 15. This was extended to Jan. 31 by Cooper and Cypress Group L.L.C. and Goldman Sachs Capital Partners, Cooper said in a filing with the Securities and Exchange Commission. Nonetheless, Cooper said it expected the deal to be completed before year-end, subject to the buyers' receiving financing and other customary conditions.
Regarding the agreed-upon purchase price of $1.17 billion, Cooper agreed to let the buyers withhold $30 million until a working capital adjustment is finalized following the closing. At that point the final sale price will be set.