FINDLAY, Ohio (Dec. 9)—Cooper Tire & Rubber Co. and the investment firms buying Cooper´s Cooper-Standard Automotive business are extending the closing into 2005 and adjusting the transaction price by up to $30 million pending a post-closing accounting of the working capital.
The final date for closing the deal was changed from Dec. 15 to Jan. 31 by Cooper and Cypress Group L.L.C. and Goldman Sachs Capital Partners, Cooper said in a filing with the Securities and Exchange Commission. Nonetheless, Cooper said it expected the deal to be completed before year-end, subject to the buyers´ receiving financing and other customary conditions.
Cooper agreed to let the buyers withhold $30 million from the $1.17 billion purchase price until a working capital adjustment is completed following the closing. At that point the final sale price will be set