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TheStreet Open House

Cooper Tire Is Bought for $2.22 Billion: Ahead of the Ticker

Stocks in this article: CTBPFETEVA

NEW YORK ( TheStreet) -- Cooper Tire & Rubber (CTB) is being acquired by India's Apollo Tyres for about $2.22 billion in cash.

Per the deal, Cooper shareholders will receive $35 a share in cash, which represents a 42% premium over the stock's closing price on Tuesday at $24.56.

The combined company will create the seventh-largest tire company in the world. The two companies had combined sales of $6.6 billion in 2012.

Apollo said it would raise $2.5 billion of new debt in order to fund the acquisition.

The deal remains subject to approvals and is expected to close in the second half of the year.






Pfizer (PFE) has reached a $2.15 billion settlement with Teva Pharmaceutical (TEVA) and Sun Pharmaceutical Industries over the sale of generic Protonix.

Protonix is a proton pump inhibitor used to treat the effects of gastroesophageal reflux disease. It has been a part of Pfizer's portfolio since 2009, when it purchased Wyeth.

After a nearly 10-year dispute, Sun and Teva acknowledged in court that they infringed on Pfizer's patent. Teva began selling its generic version of Protonix in December 2007, while Sun began offering it in January 2008.

Per the settlement, Teva will pay $1.6 billion, while Sun will pay $550 million.

According to a statement by Pfizer, the company will receive 64% of the settlement while its partner Takeda Pharmaceutical will be granted the remaining portion.






Samsung launched the Galaxy S4 Zoom, another new version of its Galaxy S4 smartphone.

The Galaxy S4 Zoom is launching just a week after the company unveiled the Galaxy S4 Active.

The Galaxy S4 Zoom is a hybrid of a digital camera with a zoom lens and an Android smartphone. It features a 16-megapixel camera with a 10x optical zoom lens that is able to produce high-resolution images. It runs on Android 4.2, known as Jelly Bean, a 4.3-inch screen, a 1.5GHz dual-core processor and 8GB of internal memory. The processor is slightly slower than that of the standard Galaxy S4 phone and the screen size is also smaller than the Galaxy S4's 5-inch screen.

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