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Apollo Tyres Ltd's Subsidiary To Acquire Cooper Tire & Rubber Company


Wednesday, 12 Jun 2013 07:51am EDT 

Apollo Tyres Ltd and Cooper Tire & Rubber Company announced that the execution of a definitive merger agreement under which a wholly owned subsidiary of Apollo will acquire Cooper in an all-cash transaction valued at approximately $2.5 billion. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Cooper stockholders will receive $35.00 per share in cash. The transaction represents a 40% premium to Cooper's 30-day volume weighted average price. Morgan Stanley & Co. LLC and Deutsche Bank Securities Inc. served as financial advisors and investment firm Greater Pacific Capital acted as strategic and financial advisor to Apollo. Standard Chartered is the sole provider of transaction financing at the Apollo Tyres level and is also the structuring advisor. Morgan Stanley Senior Funding, Inc., Deutsche Bank Securities Inc., Standard Chartered and Goldman Sachs Bank USA are joint lead arrangers providing committed funding to Apollo's acquisition subsidiary. 

Company Quote

220.2
2.35 +1.08%
6:29am EDT