AKRON (Jan. 17, 2008) — Goodyear has set an optional conversion period through March 31 for its 4 percent convertible senior notes due June 15, 2034.
The firm said the notes became convertible because the company's common stock was more than 120 percent of the conversion price in effect on each day for at least 20 trading days during the 30 consecutive trading-day period through Jan. 16. The notes have been convertible before and could become convertible again if sale price conditions are met in the future.
The company said it will deliver shares of its common stock or pay cash for any notes surrendered before the deadline.