Cooper Tire & Rubber Company (NYSE: CTB) today announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of Apollo Tyres Ltd (NSE: ApolloTYRE) with more than 74 percent of Cooper’s outstanding common shares voted in favor of the transaction. When finalized, the pending merger will result in a strategic business combination that creates the seventh-largest tire company in the world. Approximately 78 percent of Cooper’s outstanding common shares were voted, with more than 48 million shares voted in favor of the merger, representing approximately 96 percent of Cooper’s voted shares.
“We are pleased stockholders endorsed this compelling transaction, which will create a $6.6 billion leader in the tire industry with a strong global footprint that includes a presence in the world’s largest tire market of North America as well as in the fastest growing geographies of India and China,” said Cooper Chairman, Chief Executive Officer and President Roy Armes.
Cooper and Apollo announced the proposed merger June 12, 2013 following unanimous approval by the boards of directors of both companies. The pending merger is expected to close by the end of this year.
About Cooper Tire & Rubber CompanyCooper Tire & Rubber Company is the parent company of a global family of companies that specialize in the design, manufacture, marketing, and sales of passenger car and light truck tires. Cooper has joint ventures, affiliates and subsidiaries that also specialize in medium truck, motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design facilities within its family of companies located in 11 countries around the world. For more information on Cooper Tire, visit www.coopertire.com, www.facebook.com/coopertire or www.twitter.com/coopertire. FORWARD-LOOKING STATEMENTS This release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not based on historical facts but instead reflect Cooper’s and Apollo’s expectations, estimates or projections concerning future results or events. These statements generally can be identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “project,” “may,” “could,” “intend,” “intent,” “belief,” “estimate,” “plan,” “likely,” “will,” “should” or similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause our actual results, performance or achievements to differ materially from those expressed or indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved.