The Goodyear Tire & Rubber Company (GT) and Cooper Tire & Rubber Company (CTB) have reached a definitive agreement under which Goodyear will acquire Cooper in a deal with a total enterprise value of approximately $2.5 billion. Cooper shareholders will 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 approximately $2.8 billion. Upon closing of the transaction, Goodyear shareholders will own approximately 84% of the combined company, and Cooper shareholders will own approximately 16%.
Goodyear expects to achieve approximately $165 million in run-rate cost synergies within two years following the close of the acquisition. The transaction is immediately accretive to earnings per share. The combined company will have approximately $17.5 billion in pro forma 2019 sales.
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