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

Mid-level Litigation Associate Attorney

USA-MD-Baltimore

Baltimore office of our client seeks mid-level litigation associate attorney with 3+ years of experi...

Apply Now

Junior Employment Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking an attorney with 2-3 years of employment litigation, class action or...

Apply Now

Transactional Real Estate Attorney with 5+ years of experience

USA-NY-New York City

New York City office of boutique firm is seeking a transactional real estate attorney 5+ years of ex...

Apply Now

Business Transactions Attorney Partner

USA-OR-Portland

Portland office of our client seeks business transactions attorney partner with 4+ years of experien...

Apply Now

RELEVANT JOBS

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Hotline sta...

Apply now

Associate Attorney

USA-CA-Sacramento

A civil plaintiff’s law firm is hiring for an associate attorney, preferably with strong resea...

Apply now

Associate Attorney

USA-TX-Sugar Land

Insurance Defense firm seeks an Associate Attorney with a MINIMUM of 3-5 years\' experience in litig...

Apply now

Litigation paralegal

USA-TX-Dallas

We are looking to immediately hire a responsible, highly organized, self-motivated litigation parale...

Apply now

SEARCH IN ARCHIVE

To Top