The Independent Committee of the Board of Directors of Goodyear Canada Inc. must assess the fairness of the proposed Going Private amalgamation received from Goodyear Canada's parent, The Goodyear Tire & Rubber Company of Akron, Ohio. The Goodyear Tire & Rubber Company offered to buy all the common shares of Goodyear Canada not already owned by them (11.2% of the shares issued were in public hands) for $48.00 (CDN) in cash per share. This represented a 22% premium over the closing price on the Toronto Stock Exchange on the previous afternoon.
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