Cooper Acquisition: What Will Happen to Goodyear Indonesia?

By Editorial Team 18/03/2021
M&A
Summary

Tire manufacturer PT Goodyear Indonesia Tbk (GDYR) finally opened up and explained why its share price has skyrocketed twofold. In the last week of February, the GDYR-coded stock price rose almost 100 percent to the level of Rp 3,050. It had prompted the Indonesia Stock Exchange (IDX) to put Goodyear Indonesia's shares into the unusual market activity (UMA) list.

"The Goodyear Tire and Rubber Company, as the majority shareholder of Goodyear Indonesia, recently informed that the plan to acquire Cooper Tire and Rubber Company has the potential to increase investor confidence in the GDYR-coded stock," says Goodyear Indonesia President Director Randeep S. Kanwar in a public disclosure on Wednesday (3/17). At the close of trading on that day, its share price fell 3.09 percent to Rp 1,880.

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