Cooper will pay 197th consecutive dividend…probably

With the confirmation of its 197th consecutive quarterly dividend (announced on 6 May 2021), Cooper Tire & Rubber reiterated its position as one of the most consistent dividend-payers out there. However, this time the normally prosaic dividend payment announcement statement was spiced up by a single condition.

Specifically, Cooper Tire will said it will pay a quarterly dividend of 10.5 cents per share on common stock payable 24 June 2021 to stockholders of record at the close of business 27 May 2021. However, it also stipulated that the dividend will only be paid in the event that
the closing of the proposed merger with The Goodyear Tire & Rubber Company occurs
after 27 May 2021. If the proposed merger closes on or prior to that date, the
dividend will not be paid.

The Goodyear-Cooper takeover is very much on-track after Chinese anti-trust authorities approved the deal and following the overwhelming support of Cooper Tire shareholders who voted to approve the merger with Goodyear on 30 April.

“The companies continue to work toward closing the transaction, which is expected to be completed in the second half of 2021. However, the transaction could close earlier, following and subject to receipt of required regulatory approvals and the satisfaction of customary closing conditions”, Cooper representatives said in an official statement.

In other words, Cooper will pay its 197th consecutive dividend…probably.

Find out more about the Goodyear Cooper deal in our special takeover digital supplement, here.