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Stock Market & Financial Investment News

News Breaks
August 15, 2014
08:16 EDTCTBCooper Tire, Chengshan Group enter CCT option agreement
Cooper Tire & Rubber Company announced it has entered into an option agreement with Chengshan Group Company Ltd. that affirms and provides additional details regarding the previously announced put and call process to resolve the future ownership of Cooper Chengshan, or CCT, as contemplated by the January 29 agreement among the two companies and the CCT labor union. In addition, the new option agreement extends the option commencement deadline, which is the deadline for the independent valuation firm to deliver its fair market valuation of CCT, to August 24. The process for determining the future ownership of CCT begins with an independent valuation of the fair market value of CCT. Once the valuation is delivered, Chengshan has the first option, within 45 days, to elect to purchase Cooper’s 65% interest, to sell its 35% interest to Cooper, or not to exercise either of these options. If Chengshan determines not to exercise either of the options, Cooper has the right to purchase Chengshan’s 35% interest. In the event that neither party elects to purchase the others’ interest, the joint venture continues as currently structured. Further, 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.
News For CTB From The Last 14 Days
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February 23, 2015
07:33 EDTCTBCooper Tire announces new $200M share repurchase authorization
Cooper Tire & Rubber Company announced that its Board of Directors has authorized the repurchase of up to $200M of the company’s outstanding common stock through December 31, 2016. Shares will be repurchased from time to time, based on market conditions and will be executed through open market purchases, privately negotiated purchases or otherwise. All or part of the repurchases may be implemented under Rule 10b5-1 trading plans, which allow repurchases under pre-set terms when the company might otherwise be prevented from doing so. The repurchased shares will be held in Treasury and used for general corporate purposes. The company recently completed a $200M accelerated share repurchase program announced in August 2014.
07:32 EDTCTBCooper Tire sees FY15 CapEx $205M-$215M, effective tax rate 30%-35%
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07:31 EDTCTBCooper Tire reports Q4 EPS 45c ex-gain, consensus 64c
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February 20, 2015
15:31 EDTCTBCooper Tire volatility elevated into Q4 and outlook
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