Goodyear Announces Offering of Mandatory Convertible Preferred Stock

The Goodyear Tire & Rubber Company (NYSE:

) today announced that it has commenced a public offering of $435 million of mandatory convertible preferred stock, subject to market and other customary conditions. The offering consists of 8.7 million shares with an offering price of $50 per share. The company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1.3 million shares of mandatory convertible preferred stock.