Cooper Cautions Shareholders
FINDLAY, Ohio, April 18 COOPER TIRE & RUBBER COMPANY
today warned shareholders that they may receive and should not
accept an offer made by a Canadian organization named TRC Capital Corporation
to purchase, for investment purposes, a very small percentage (3.4%) of the
Company's common stock at a price below market and book value.
Richard Teeple, Vice President and General Counsel, noted that the offer
is of a type that the U.S. Securities and Exchange Commission, which regulates
securities transactions, has said is increasingly used to catch investors off
guard. Those investors assume that the price offered is at a premium to the
market price, when in fact, the purpose of the offer is to acquire shares at
bargain prices, without regard to shareholder interests.
The Company has reviewed TRC's offer and believes that certain aspects of
it constitute highly questionable practices under the federal securities laws.
The Company has contacted the Securities and Exchange Commission to inform the
agency of TRC's offer and has asked the SEC to review the offer for potential
violations of the law.