FINDLAY, Ohio — Stockholders in Cooper Tire & Rubber Co. voted overwhelmingly to approve Goodyear's purchase of the company at a special shareholders' meeting held today.
Goodyear's $2.5 billion cash and stock deal to acquire Cooper was announced — Feb. 22 — a joint-statement from the tire makers.
Around 99% of Cooper stockholder votes — cast April 30 — were in favor of the transaction, according to Cooper.
"We are pleased with the strong support of our stockholders for the proposed business combination of Cooper and Goodyear as all proposals related to the acquisition were approved," Cooper Chairman John Holland said.
"This step is an important one in the process of bringing together our two companies to continue to meet the needs of customers, consumers and other stakeholders around the world while driving value for shareholders."
Cooper and Goodyear continue to work toward closing the transaction, which remains subject to the receipt of required regulatory approvals and the satisfaction of customary closing conditions.
Cooper will provide final special meeting vote results, as certified by the independent Inspector of Election, on a Form 8-K that will be filed with the U.S. Securities and Exchange Commission, the company said.
Goodyear is not required to hold a vote of its stockholders to approve the merger agreement.
Goodyear, in its 2021 first quarter earnings call, declined to further comment on the pending deal.
On April 23, China became the first country to grant antitrust approval to Goodyear's offer to purchase Cooper. The purchase still faces regulatory approval in several countries, including the U.S. and in Europe, but approval from China could mean the deal closes as early as the third quarter, according to James Picariello, equity research analyst at KeyBanc Capital Markets.