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.