New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 31, 2014
07:04 EDTCTBCooper Tire reaches agreement with Chengshan, CCT on path forward for JV
Cooper Tire & Rubber Company announced it has signed an agreement with Chengshan Group Company Ltd. and the CCT labor union establishing a path forward for the Cooper Chengshan Tire Company joint venture. The agreement establishes a process for determining the future ownership of CCT, which begins with engaging an independent valuation firm to determine the fair market value of CCT. Once a valuation is established, Chengshan will have the first option to either purchase Cooper’s 65% interest or to sell its 35% interest to Cooper, making CCT a wholly-owned subsidiary of Cooper. If Chengshan determines not to exercise either of these options, Cooper has the right under the agreement to purchase Chengshan’s 35% interest. The options are conditioned on Cooper reporting its financial results within a specified timeframe. In the event that neither party elects to purchase the others’ interest, the agreement allows for continuation of the joint venture as currently structured. The agreement further stipulates that should Chengshan purchase Cooper’s stake in the joint venture, Cooper will continue to have offtake rights with CCT agreeing to produce Cooper brand products, including Truck and Bus Radial tires, for a minimum of three years. The agreement also confirms that, with the support of the labor union and Chengshan, normal operations will be sustained at CCT including the production of Cooper brand products and access to financial and operational data that will allow Cooper to resume regular financial reporting.
News For CTB From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 13, 2014
10:08 EDTCTBOn The Fly: Analyst Upgrade Summary
Subscribe for More Information
07:14 EDTCTBCooper Tire upgraded to Buy from Neutral at SunTrust
Subscribe for More Information
October 8, 2014
10:38 EDTCTBHigh option volume stocks
High option volume stocks: FRAN RMTI ACM CY CLNY SMH BEAV SIG CTB DUG SHLD
09:20 EDTCTBOn The Fly: Pre-market Movers
Subscribe for More Information
09:11 EDTCTBCooper Tire confirms receipt of Chengshan call option notice
Subscribe for More Information
09:10 EDTCTBCooper Tire confirms receipt of Chengshan call option notice
Subscribe for More Information
06:26 EDTCTBCooper Tire to sell 65% stake in JV to Chengshan Group, WSJ reports
Cooper Tire will sell its 65% stake in its Cooper Chenghsan Tire joint venture to Chengshan Group for $284.5M, the Wall Street Journal reports. The deal requires approval from China's commerce ministry and other authorities. Reference Link

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use