Home

Cooper Tire & Rubber Co. and Apollo Tyres, Merger on Shaky Ground for Months
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

The proposed merger between the Cooper Tire & Rubber Co. and  the Gurgaon-based Apollo Tyres, has been on shaky ground for months. Cooper Tire & Rubber Co. had plans to be bought by India’s Apollo Tyres Ltd. Now the deal is going to be dropped, the reasons cited for the fall through being a lack of financing. Cooper Tire & Rubber Co. will seek damages according to Bloomberg News. Apollo Tyres has stated that it’s disappointed and will also sue. Apollo Tyres planned to buy the U.S. tiremaker for $35 a share in a $2.5 billion deal.

The Chief Financial Officer at Ohio based Cooper Tire & Rubber Co., Brad Hughes said in a conference call that the company is seeking a $112.5 million in a “reverse termination fee.” According to Cooper Tires executives at the Indian tire producer had “buyer’s remorse” and then sought a price cut. It has been reported that Cooper’s Chinese partner, Cooper Chengshan of the Shandong Tire Co., opposed the deal.

  
What
Where


Brad Hughes reported in a statement that the U.S. tire company “will continue to pursue the legal steps necessary to protect the interests of our company and our stockholders.” A spokeswoman for Cooper, Anne Roman, has stated that the company could not immediately comment on future litigation tactics or on possible damages that might be sought. The Indian company, Apollo Tyres, declined to comment aside from saying that it is studying Cooper’s decision.

Summary:

The proposed merger between the Cooper Tire & Rubber Co. and the Gurgaon-based Apollo Tyres, has been on shaky ground for months. Cooper Tire & Rubber Co. had plans to be bought by India’s Apollo Tyres Ltd. Now, the deal is going to be dropped, the reasons cited for the fall through being a lack of financing.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Image Credit: www.indiaexpress.com





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Insurance Defense Attorney

USA-FL-Hollywood

Hollywood office of our client seeks insurance defense attorney with 2-4 years of litigation experie...

Apply Now

Senior Family Law Associate Attorney

USA-CA-Irvine

Irvine office of our client seeks senior family law associate attorney with 10+ years of experience....

Apply Now

Civil Litigation Associate Attorney

USA-CO-Loveland

Loveland office of our client seeks civil litigation associate attorney with experience. The candida...

Apply Now

RELEVANT JOBS

Real Estate Attorney

USA-FL-Riverview

The Law Offices of Stephen K. Hachey, P.A. is looking for a Florida licensed attorney with 0 to 4 ye...

Apply now

Legal Secretary

USA-NY-Staten Island

LEGAL SECRETARY Requires 5+ yrs. experience in plaintiff\'s personal injury litigation for firm on S...

Apply now

Labor and Employment Law Associate - Burlington, VT or Lebanon/Hanover, NH area

USA-VT-Burlington

Downs Rachlin Martin seeks an associate attorney with 1-3 years of experience to join its Labor and ...

Apply now

Associate Attorney

USA-MD-Pikesville

Small AV lawfirm in Baltimore County seeks an associate with a minimum of four years of experience i...

Apply now

SEARCH IN ARCHIVE

To Top