India’s Apollo Tyres [will] acquire Cooper, of Findlay, Ohio, for about $2.5 billion, or $35 a share. That would be a 43% premium to Cooper’s Tuesday close at $24.56.
Apollo is reported to be the 15th largest tire manufacturer worldwide, and Cooper the 11th; the combined company will rank seventh.
The sensible part of this deal, if you ask me and why should you? is that the existing Apollo and Cooper markets have hardly any overlap: Apollo does most of its business in India, and Cooper is almost entirely American-based, though it does own the British firm Avon Tyres.
Note: Not intended as an attempt to sell securities.