Report: Before Apollo, Cooper Tire looked for other suitors

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In a recently released proxy statement, Cooper Tire & Rubber Co. said it had sought other merger partners other than Apollo.

In fact, it had as many as 10 potential suitors, including three other tire makers, who weren’t identified.Cooper Tire logo

Bruce Davis of breaks it down in this article. Highlights:

Cooper Tire & Rubber Co. was actively courting at least one other interested suitor up until June 11, the day its board of directors accepted Apollo Tyres Ltd.’s buyout offer of $35 a share, the company disclosed in a proxy statement released last week.

Cooper also disclosed in the proxy that Apollo’s interest in merging with or buying Cooper dated back at least to mid-2011, and throughout the 10 months prior to accepting Apollo’s offer it approached and/or held discussions with as many as 10 possible other suitors to gauge their interest level.

Written by Dennis Seid

September 4, 2013 at 11:55 am