FINDLAY, Ohio (Aug. 2, 2013) — Apollo Tyre Ltd.'s pending $2.5 billion acquisition of Cooper Tire & Rubber Co. has passed one regulatory hurdle, the two companies said.
Apollo and Cooper jointly disclosed that the Hart-Scott-Rodino (HSR) review period for the pending merger expired on July 26 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.
Cooper and Apollo announced the pending merger on June 12 following unanimous approval by the boards of directors of both companies.
The combination of Apollo and Cooper will yield a company with about $6.6 billion in annual sales, complementary brands and a broad geographic presence.