CLEVELAND (Sept. 30, 2013) — Cooper Tire & Rubber Co. shareholders voted this morning by a 3:1 margin to accept Apollo Tyres Ltd.'s $35 per share buyout offer.
The vote allows the Indian company to move another step closer to completing its $2.5 billion acquisition of Findlay, Ohio-based Cooper.
Shareholders representing 78 percent of Cooper's outstanding shares voted at the meeting, with 96 percent of those voting favoring the offer, Cooper said. The positive vote represents 74 percent of all outstanding shares.
"We are pleased stockholders endorsed this compelling transaction," said Cooper Chairman, CEO and President Roy Armes.