FINDLAY, OH — Cooper Tire & Rubber Co. has extended the deadline to complete the sale of its Cooper-Standard Automotive unit to a group led by Cypress Group and Goldman Sachs Capital Partners. The original deadline of Dec. 15 has been moved back to Jan. 31, 2005, though Cooper official said they expect to close the sale by the end of this year.
However, the amended sale agreement includes a post-sale price adjustment based on the working capital of the Cooper-Standard unit. The purchasing investors will reportedly hold out $30 million of the $1.165 billion purchase price to cover any necessary adjustment.
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