As per news reports, Cooper has called off the merger agreement with Apollo Tyres. According to Cooper, Apollo has notified the company that financing is no longer available for the deal. As per the agreement with lenders, Cooper was required to submit detailed financial statements for Q3 CY13, latest by mid-November, failing which the lenders had the right to refuse to fund the deal. We are surprised by this move of Cooper trying to preempt the official date (Dec 31, 2013) after which the merger would have automatically been called off. As per the agreement, if both the parties are not able to complete the merger by December 31, both of them have the right to walk out of the deal without paying any penalties.