Goodyear Offering Shares to Raise Capital

(Akron/Tire Review) Goodyear Tire & Rubber Co. announced plans to offer 22.5 shares of its common stock, a move that will reportedly raise an estimated $725 million. Goodyear said it expects the shares to be offered at $33.26 per share.

Goodyear is granting underwriters a 30-day option to purchase up to an additional 3.4 million shares to cover any over-allotments.

Goodyear said it will use the proceeds from the offering to repay some $315 million in debt.