Apollo Tyres did not breach terms of Cooper Tire $2.5 bn deal, rules US judge

Nov 09 2013, 14:33 IST
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When Apollo Tyres and Cooper Tire & Rubber Co announced the $2.5 billion deal in June they anticipated it would close by October 4. When Apollo Tyres and Cooper Tire & Rubber Co announced the $2.5 billion deal in June they anticipated it would close by October 4.
SummaryIndia's Apollo Tyres got major relief in US court in Cooper Tire mega-deal.

the U.S. company.

Hanging in the balance is a deal that would transform Apollo Tyres from a company focused on its domestic market into the seventh-biggest tire maker in the world. Cooper shareholders stand to lose a 40 percent premium for their stock if the deal collapses.

Apollo Tyres has said it wants a lower price that reflects the increased cost of a new labour deal and the unanticipated risks associated with the Chinese lockout.

The case is Cooper Tire & Rubber Co v. Apollo Tyres (Mauritius) Holdings Pvt. Ltd, Delaware Court of Chancery, No. 8980.

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