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Cooper Shareholders Expected to Approve Apollo Deal

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Cooper Tire & Rubber Co. shareholders are expected to approve the tiremaker’s $2.5 billion sale to India’s Apollo Tyres today, according to Reuters.

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If the shareholders approve the sale, today’s vote will put Apollo one step closer to owning Cooper and becoming the seventh largest tire manufacturer worldwide. However, labor issues in the U.S. and opposition from a Chinese joint venture will still be roadblocks that could delay the deal.

After today’s vote shareholders could receive $35 per Cooper share, 40% more than its price before the acquisition announcement. A shareholder approval would also allow Apollo to start drawing its loans for the acquisition.

Both Apollo and Cooper said they hope to have the deal competed by the end of the year.

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