Two of the biggest remaining American-owned and based tire manufacturers are joining forces. Goodyear Tire and Rubber Co. is acquiring Cooper tires in a deal with an equity value of $2.8 billion that will combine the two century-old Ohio companies. Cooper shareholders will get $41.75 in cash and about .9 shares of Goodyear common stock per share of Cooper stock. Based on Goodyear’s closing price on Friday, the total consideration for Cooper shareholders is $54.36 per share, a 24% premium to Cooper’s closing price on Friday. Shares in Cooper jumped 17% in premarket trading. The deal is expected to close in the second half of this year
Goodyear acquires Cooper in all-American tire deal
