U.S. auto parts supplier Cooper Standard (COSH.OB) is looking for a buyer more than a year after emerging from bankruptcy and has hired bankers to advise on the process, people familiar with the matter said. Cooper Standard, which came out of bankruptcy in May of 2010 under the control of a handful of hedge funds, including Silver Point Capital and Oak Hill Advisors, has an enterprise value of more than $1.1 billion, according to Reuters data. The Novi, Michigan-based company, which makes body sealing systems and fluid handling systems for the automotive industry, has attracted initial interest mostly from private equity firms, these people said. JPMorgan Chase (JPM.N) and Lazard Ltd (LAZ.N) are running the sale, according to the people. Cooper Standard was formed in 2004 when New York-based private equity firm the Cypress Group and Goldman Sachs Capital Partners acquired the automotive segment of Cooper Tire & Rubber Co (CTB.N) for nearly $1.2 billion.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 1.35% or $0.5/share to $37.56. In the past year, the shares have traded as low as $32.31 and as high as $48.36. On average, 40968300 shares of JPM exchange hands on a given day and today's volume is recorded at 29130430.
Lazard Limited (Lazard) is a financial advisory and asset management Company. Shares of LAZ remained unchanged at $29.17. In the past year, the shares have traded as low as $25.72 and as high as $46.54. On average, 960557 shares of LAZ exchange hands on a given day and today's volume is recorded at 529437.
Cooper Tire & Rubber Company with its affiliates and subsidiaries (Cooper) is a manufacturer and marketer of replacement tires. Shares of CTB traded higher by 0.54% or $0.065/share to $12.13. In the past year, the shares have traded as low as $10.50 and as high as $27.73. On average, 1104070 shares of CTB exchange hands on a given day and today's volume is recorded at 653292.
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