Goodyear wants to pay for the deal in cash and its own shares and values the share capital of Cooper TireRubber at a total of 2.8 billion US dollars (2.3 billion euros), as the Conti competitor announced on Monday in Akron, Ohio . Cooper shareholders are to receive $ 41.75 in cash per share, plus 0.907 Goodyear shares on top of that. With the closing price before the weekend, this corresponds to a value of $ 54.46 per paper. On Friday, the Cooper price at close of trading was $ 43.77.
The takeover is expected to be completed in the second half of the year. Goodyear has around 62,000 employees, Cooper is much smaller with around 10,000 employees and number five in the US market. Goodyear put the joint sales for the year 2019 at around 17.5 billion dollars (14.4 billion euros). At the end of the third quarter, the Hanover-based DAX 30 company Continental had around 100,000 employees in the tire and plastics division, and in 2019 achieved sales of around 18 billion euros there.
Goodyear shares rose 21.05 percent on the NASDAQ to $ 16.82. Cooper stock gained 29.40 percent on the NYSE to $ 56.64.
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Cooper share gains percent Goodyear shares soar Goodyear Cooper