16 Mar 2005
Findlay, Ohio --Cooper Tire & Rubber Co. spent about $107 million in mid-February to acquire an approximate 11-percent share in South Korea's Kumho Tire Co. Inc., according to the company's recently filed 10K form.
Cooper bought its stake in Kumho though the Korean firm's initial public offering on the London Stock Exchange on Feb. 16. The value of Cooper's purchase had been estimated at $110 million at that time, based on the first day sale price range.
The acquired shares are subject to a "lock-up agreement" for three years, Cooper said, after which either Cooper or Kumho could call for the shares to be sold.
SEC filing by Cooper
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