FILE - In this May 2, 2007 file photo, Cooper tires are on display at Vermont Tire and Service Inc. in Montpelier, Vt. Goodyear Tire and Rubber Co. is acquiring Cooper tires in a deal valued at $2.5 billion that will combine the two century-old Ohio companies.
(AP Photo/Toby Talbot, File)NEW YORK – Two of the biggest remaining American tire companies are joining forces.
Goodyear Tire & Rubber Co. is acquiring Cooper in a deal with an equity value of $2.8 billion that will combine the two century-old Ohio manufacturers.
Shareholders of Cooper Tire & Rubber Co., based in Findlay, Ohio, will get $41.75 in cash and about .9 shares of Goodyear common stock per share of Cooper stock.
It would give shareholders of Goodyear about 84% of the company and Cooper shareholders with the remaining 16%, the companies said.