LITTLE ROCK, Ark. (KTHV) - Lance Turner with Arkansas Business provides a rundown of Thursday morning's top headlines.
Shares of Cooper Tire & Rubber, which operates a plant in Texarkana employing 1,600 workers, leaped 41 percent after the announcement that it would be sold to Apollo Tyre of India.
Shares of Cooper gained $10.10 to $34.66. The all-cash deal is worth almost $2.5 billion. Domestic and local executives have a positive take toward the buy, noting that the two companies have rarely overlapped in products and market share. The management team for Cooper is expected to remain in place, and terms of a four-year labor agreement Texarkana workers agreed to last year will still be honored, according to Apollo. The new company will become the seventh-largest tire company in the world. It will be taken off the stock market and made private once the deal goes through.
The former president of a Little Rock credit union pleaded guilty to embezzlement.
Karen York admitted in U.S. District Court that she ran a check kiting scheme, making false deposits while she was in charge of the VA Hospital Federal Credit Union. Between the year 2000 and last year, York took in more than $62,000 and falsified records hiding the funds. The U.S. Attorney's office says she's paid back some of the money, but still owes over $43,000. She faces up to 30 years in federal prison, a fine of $1 million and five years of probation when she is sentenced at a later date.