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Chengshan to buy out Cooper for US$286 million

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Chengshan Group Company Ltd. intends to acquire Cooper Tire & Rubber Company’s 65 per cent ownership in the two companies’ Cooper Chengshan (Shandong) Tire Company Ltd (CCT) joint-venture. Owing to the fact that the purchase offer is based on a pre-agreed “call option”, which itself is priced on the back of an agreed valuation of US$440 million, this means Chengshan has agreed to pay roughly US$286 million for the company. Cooper’s share price fell a dollar from around $29 to roughly $28 in response to the announcement.

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Related news:

  1. Cooper: Chengshan worth US$440 million, say valuers
  2. Fire at Cooper Chengshan Rongcheng factory
  3. Cooper Tire gives Chengshan option to buy, values CCT at US$435 million
  4. Cooper Tire acquiring majority share in Chinese truck tyre maker
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Chengshan given first dibs on Cooper Chengshan tyre plant

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A binding decision on the future ownership of the Chinese joint venture company set up by Cooper Tire & Rubber and Chengshan Group Company Ltd is still to be made, however the two parties are now in talks and have entered into an option agreement for working out the future of Cooper Chengshan (Shandong) Tire Company Ltd (CCT).

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Related news:

  1. Cooper extends timeframe for Cooper Chengshan talks
  2. Analysts: Cooper 3Q results surprise, but shares fall
  3. Chengshan forms new JV with investment group
  4. Cooper Tire considering its options in China
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Cooper: Chengshan tyre plant fire caused ‘minimal damage’

Cooper Tire executives have confirmed that reports of a fire at the company’s Cooper Chengshan (Shandong)Tire Company Ltd. (CCT) manufacturing plant in Rongcheng, China were correct. As far as the details are concerned, writing in an official statement Cooper Tire officials confirmed that the fire took place on 28 May outside of the factory site proper. According to the company, there were no injuries and “minimal damage to property”.

At the time photographs of the fire were published alongside local Chinese reports, however these provided no details of what damage the fire caused or where it actually took place. Cooper has now explained that “the fire involved a scrap tyre area outside the main manufacturing plant structure”. As a result production was temporarily suspended. It has now returned to normal.

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Related news:

  1. Chengshan to buy out Cooper for US$286 million
  2. Fire at Cooper Chengshan Rongcheng factory
  3. Chengshan given first dibs on Cooper Chengshan tyre plant
  4. Cooper Tire closes Cooper Chengshan sale
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