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Cooper Tire & Rubber Co. (CTB) has announced that its stockholders have approved the agreement and plan of merger with Goodyear Tire & Rubber Co. (GT).
At a special meeting of Cooper stockholders held recently, about 99 percent of votes cast were in favour of the transaction. Goodyear is not required to hold a vote of its stockholders to approve the merger agreement.
"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," said John Holland, Cooper Chairman. "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."
In February 2021, Goodyear agreed to acquire Cooper in a deal with a total enterprise value of approximately $2.5 billion. Cooper shareholders would receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of about $2.8 billion.
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