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August 12, 2014

US: Cooper extends CCT option deadline

Cooper Tire & Rubber says it will extend - "for a brief period" - the option commencement deadline within the agreement that Cooper, Chengshan Group Company and the CCT labour union reached in January of this year, which set out a process to determine the future ownership of Cooper Chengshan (Shandong) Tire Company(CCT).

Cooper Tire & Rubber says it will extend – “for a brief period” – the option commencement deadline within the agreement that Cooper, Chengshan Group Company and the CCT labour union reached in January of this year, which set out a process to determine the future ownership of Cooper Chengshan (Shandong) Tire Company (CCT).  “The process to arrive at the long-term ownership of CCT is ongoing,” said Cooper chairman, CEO and president, Roy Armes. 

“Today (11 August) was the deadline for the independent valuation firm to deliver its fair market valuation of CCT, which would have put in motion the put and call options specified by the January agreement. 

“Cooper has briefly extended that deadline to allow for some additional work to take place related to the process.  We will continue to communicate with investors and others at key points in this process as appropriate.”

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