A key component of the proposed Apollo Tyre acquisition of Cooper Tire and Rubber Co. is in place, with no action taken by the U.S. Department of Justice or the Federal Trade Commission signaling problems with the deal.
Here’s what Cooper Tire had to say:
Apollo Tyres Ltd (NSE: ApolloTYRE) and Cooper Tire & Rubber Company (NYSE: CTB) today announced that the Hart-Scott-Rodino (HSR) review period for the pending merger of Apollo and Cooper expired on July 26, 2013 with no action by the Federal Trade Commission or the Department of Justice.
The expiration of the HSR review period satisfies one of the conditions necessary for the transaction to close. Cooper and Apollo expect that, subject to the remaining customary closing conditions, the transaction will be completed before the end of the year.
Cooper and Apollo announced the pending merger on June 12, 2013 following unanimous approval by the boards of directors of both companies. The strategic combination of Apollo and Cooper will bring together two companies with highly complementary brands, geographic presence, and technological expertise to create a global leader in tire manufacturing and distribution. The combined company will have a full range of products, strong brands and greater ability to satisfy customer needs worldwide.