Elliott in its letter in May said Goodyear’s company-owned retail network is undervalued and “nearly worth Goodyear’s market capitalization.” The activist investor also demanded five new directors and a operational review committee at the time.
Splitting up and selling its European division is also a possibility, a Wolfe Research report suggested, noting that rivals Pirelli & C SpA and Michelin trade at higher multiples.
The board committee is slated to make a public announcement on the operational reviews by Nov.