RTTNews | Apr 30, 2021 11:06AM EDT

11:05 Friday, April 30, 2021 (RTTNews.com) - Cooper Tire & Rubber Co. (CTB) said that its stockholders have approved the agreement and plan of merger with The Goodyear Tire & Rubber Co. (GT).

At a special meeting of Cooper stockholders held Friday, about 99 percent of votes cast were in favor of the transaction. Goodyear is not required to hold a vote of its stockholders to approve the merger agreement.

In February 2021, Goodyear agreed to acquire Cooper in a deal with a total enterprise value of approximately $2.5 billion. Cooper shareholders would receive $41.75 per share in cash and a fixed exchange ratio of 0.907 shares of Goodyear common stock per Cooper share for a total equity value of about $2.8 billion.

Upon closing of the transaction, Goodyear shareholders would own about 84% of the combined company, and Cooper shareholders would own about 16%.

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