Goodyear to buy Cooper Tire for $2.8 billion, doubling China presence

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Goodyear said the deal also broadens the distribution for Cooper replacement tires through its retail store network.

Under the terms of the deal, Cooper shareholders will receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock.

The implied cash and stock consideration for Cooper shareholders is $54.36 per share, representing a premium of 24% to its closing price on February 19.

After the deal closure, Goodyear shareholders will own about 84% of the combined company, which will be headquartered in Ohio, while Cooper shareholders will own about 16%.

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