This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Goodyear Announces Mandatory Conversion Of Preferred Stock

AKRON, Ohio, March 28, 2014 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) announced today that all of the outstanding shares of its 5.875% mandatory convertible preferred stock ("Preferred Stock;" NASDAQ: GTPPP) will convert to shares of Goodyear common stock ("Common Stock") effective at the close of business on April 1, 2014 ("Mandatory Conversion Date").
The Goodyear Tire & Rubber Company, Akron, Ohio, USA.

On the Mandatory Conversion Date, each share of Preferred Stock, unless previously converted, will automatically convert into 2.7574 shares of Common Stock. The number of shares of Common Stock issuable on the Mandatory Conversion Date was determined based on the average of the volume weighted average price per share of the company's Common Stock over the 20-trading day period ending on March 27, 2014 and in accordance with customary anti-dilution adjustments in relation to cash dividends that were paid on the Common Stock, consistent with the terms of the Preferred Stock Designation included in the company's Articles of Incorporation. In lieu of any fractional share of Common Stock, the company will pay an amount in cash determined in accordance with the Preferred Stock Designation. In addition, a dividend of 73.44 cents per share of Preferred Stock is payable in cash to shareholders who present the Preferred Stock for mandatory conversion.

From and after the Mandatory Conversion Date, shares of the Preferred Stock not previously converted will be deemed to be no longer outstanding and dividends on the Preferred Stock will cease to accrue and accumulate. All rights of the holders with respect to such Preferred Stock will terminate, except for the right to receive the number of whole shares of Common Stock issuable upon mandatory conversion of the Preferred Stock, accrued and unpaid dividends, and cash in lieu of any fractional shares of Common Stock, as described above.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.66 -0.09%
FB $118.58 0.85%
GOOG $698.30 0.76%
TSLA $241.82 0.44%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs