Cooper Tire & Rubber holders approve $2.2B buyout

Cooper Tire & Rubber stockholders approve $2.2 billion acquisition by Apollo Tyres

Associated Press

FINDLAY, Ohio (AP) -- Cooper Tire & Rubber shareholders have approved its $2.2 billion acquisition by India's Apollo Tyres Ltd.

The deal, which was announced in June, gives Cooper stockholders $35 per share in cash. The companies valued the transaction at about $2.5 billion.

Cooper Tire & Rubber Co. said Monday that more than 74 percent of its outstanding common stock voted in favor of the deal.

Both companies' boards unanimously approved the transaction, which is expected to close by the end of the year.

Shares of Cooper Tire & Rubber were flat at $30.67 in afternoon trading.

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