Press Esc to close
Wednesday 20 September 2017
News updated at 4:24 PM IST

Favourable 'partial ruling' given in spat with Cooper: Apollo

New Delhi, Nov 9, 2013 (PTI): 19:23 IST
Apollo Tyres today said it has received a favourable 'partial ruling' from a US court in its dispute with Cooper Tire over their proposed USD 2.5-billion merger agreement. Reuters Photo
Apollo Tyres today said it has received a favourable 'partial ruling' from a US court in its dispute with Cooper Tire over their proposed USD 2.5-billion merger agreement and stated it is committed to finding a 'sensible way forward'.

"We are pleased that the Delaware Court has found that Apollo is not in breach of its merger agreement with Cooper Tire. Furthermore, the Court found that Apollo has used 'reasonable best efforts' to negotiate with the United Steelworkers (USW) and that, contrary to Cooper’s claims, 'nothing in Apollo’s conduct indicates buyer’s remorse'," Apollo Tyres said in a statement.

Apollo continues to believe in the merits of the combination and is committed to finding a sensible way forward, it added.

In October, Cooper filed a complaint in Delaware Court of Chancery to push for completion of their merger and stated that the Indian firm was seeking to delay an agreement with USW, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Arkansas.

Apollo had denied this but sought price reduction in the USD 2.5-billion deal citing problems related to the US firm’s operations in China and concessions to the workers’ union but was rejected by Cooper.

Earlier this week, Cooper had said it has reached tentative agreements with USW aimed at helping it close the deal with Apollo.

In June, Apollo had announced to acquire Cooper Tire & Rubber Co in an all-cash transaction valued at around USD 2.5 billion (nearly Rs 14,500 crore) and the merged entity was billed to become the seventh largest tyre maker in the world.

In a statement later in the day, Cooper Tire & Rubber Company said it is "disappointed with the decision of the Delaware Chancery Court that Apollo did not breach its obligation to expeditiously reach an agreement with the United Steelworkers per the terms of the merger agreement."

Cooper is assessing its options with respect to this decision and awaits the court's ruling on other open matters in this case, it added.

Go to Top

Photo Gallery
U.S. President Donald Trump addresses the 72nd United Nations General Assembly at U.N. headquarters

U.S. President Donald Trump addresses the 72nd United Nations General Assembly at U.N. headquarters

Rohingya refugees pose for a picture in a camp in Cox's Bazar, Bangladesh...

Rohingya refugees pose for a picture in a camp in Cox's Bazar, Bangladesh...

Commandos of the Quick Reaction Team (QRT) demonstrate during the 4th Maharashtra Police Commando...

Commandos of the Quick Reaction Team (QRT) demonstrate during the 4th Maharashtra Police Commando...

Underworld don Dawood Ibrahim's brother Iqbal Kaskar being produced in a court in Thane, Mumbai...

Underworld don Dawood Ibrahim's brother Iqbal Kaskar being produced in a court in Thane, Mumbai...

Michael Aaron Nii Nortey Oquaye, High Commissioner-designate of Ghana, presenting his credentials...

Michael Aaron Nii Nortey Oquaye, High Commissioner-designate of Ghana, presenting his credentials...

Congress workers protesting against the Modi Government over fuel price hike, in Mumbai...

Congress workers protesting against the Modi Government over fuel price hike, in Mumbai...

Security forces personnel inspect the site of a solar plant that was allegedly blown up by the...

Security forces personnel inspect the site of a solar plant that was allegedly blown up by the...

This Monday, Sept. 18, 2017, GOES East satellite image provided by NASA taken at 23:15 UTC, shows...

This Monday, Sept. 18, 2017, GOES East satellite image provided by NASA taken at 23:15 UTC, shows...

Devotees perform traditional Hindu ritual of 'tarpan' on the banks of River Ganga near the Howrah...

Devotees perform traditional Hindu ritual of 'tarpan' on the banks of River Ganga near the Howrah...

A top view during the unveiling of a kilometer long street 'Alpona' (sacred art painting) to...

A top view during the unveiling of a kilometer long street 'Alpona' (sacred art painting) to...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.