AKRON (May 18) — Goodyear said it plans to sell another 3.4 million shares at $33 per share in addition to the 22.7 million shares it already offered.
The Akron-based tire maker previously disclosed the 3.4 million share offering as an over-allotment option, which the underwriters of the public offering exercised.
Together the initial public offering and the over-allotment option are expected to generate a total of $834 million in total net proceeds. Goodyear plans to use the proceeds to pay down debt and for general corporate purposes.
The offerings are expected to close May 22.