Deals
Goodyear Agrees to Buy Cooper Tire for About $2.8 Billion
- Deal bolsters Goodyear’s lead in U.S., doubles China presence
- Shares of Cooper soar in premarket trading, Goodyear drops
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Goodyear Tire & Rubber Co. agreed to buy Cooper Tire & Rubber Co. for about $2.8 billion, strengthening its position as No. 1 in the U.S. market and almost doubling its presence in China, where auto sales are surging again.
Cooper shareholders will receive $41.75 a share in cash and 0.907 shares of Goodyear, or about $54.36 a share in total, according to a statement Monday. That’s 24% above Cooper’s closing price as of Feb. 19.