Key Developments: Apollo Tyres Ltd (APLO.NS)

APLO.NS on National Stock Exchange of India

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Latest Key Developments (Source: Significant Developments)

Sebi slaps fine on Apollo Tyres Ltd-Business Standard
Wednesday, 9 Jul 2014 09:16am EDT 

Apollo Tyres Ltd:Market regulator Sebi imposed a fine of 10.3 mln Indian Rupees on Apollo Tyres for allegedly failing to comply with buyback regulations-Business Standard.  Full Article

Apollo Tyres Ltd to set up a R&D centre-Business Standard
Thursday, 29 May 2014 05:20am EDT 

Apollo Tyres Ltd:Is planning to expand its capacity at its Chennai facility and in the process of setting up a R&D centre in the same complex-Business Standard.The new Centre will take up R&D works related to commercial vehicles for all the Apollo plants, across the world.  Full Article

Apollo Tyres Ltd recommends final dividend
Thursday, 15 May 2014 04:00am EDT 

Apollo Tyres Ltd:Recommends final dividend at 0.75 indian rupee per share, amounting to 378.02 mln rupees on equity shares of 1 rupee each for the year, subject to approval from the shareholders.  Full Article

Cooper Tire & Rubber Co terminates merger agreement with apollo tyres
Monday, 30 Dec 2013 06:50am EST 

Cooper Tire & Rubber Co:Says it has terminated the merger agreement with Apollo Tyres.  Full Article

Cooper Tire & Rubber Co loses court bid to rescue Apollo Tyres Ltd merger-Reuters
Monday, 16 Dec 2013 08:39pm EST 

Cooper Tire & Rubber Co:Lost its court bid to force Apollo Tyres Ltd to complete their proposed $2.3 bln merger-Reuters.The Delaware Supreme Court dismissed Cooper's appeal against an earlier ruling that Apollo was meeting its obligations to reach new contract terms with unions at Cooper plants in Ohio and Texas.Apollo, wants to pay less than the $35 per share agreed in June because of demands by unions at Cooper plants and disruptions at Cooper's venture in China.Under the terms of the merger Apollo can walk away from the deal on Dec. 31.The cases are Cooper Tire & Rubber Co v. Apollo (Mauritius) Holdings Pvt, CA8980, Delaware Chancery Court (Wilmington) and 624-2013, Supreme Court of Delaware (Dover).  Full Article

Sumitomo Rubber Industries Ltd fully acquires Apollo Tyres South Africa from Apollo Tyres
Monday, 2 Dec 2013 03:10am EST 

Apollo Tyres Ltd:Sumitomo Rubber Industries Ltd completes of fully acquisition of Apollo Tyres South Africa from Apollo Tyres.Transaction previously disclosed on May 29.  Full Article

Cooper Tire & Rubber Co To Try To Save Apollo Tyres Ltd Deal At December 19 Court Hearing-Reuters
Friday, 15 Nov 2013 05:02pm EST 

Reuters reported that Cooper Tire & Rubber Co will make a last-ditch effort to save its sale to Apollo Tyres Ltd on December 19, as it seeks a ruling from Delaware Supreme Court that could force the Indian company to complete their proposed $2.3 billion merger. Apollo wants to pay less than the $35 per share agreed in June because of demands by unions at Cooper plants and disruptions at Cooper's venture in China. Cooper wants the Supreme Court to overturn a ruling by a judge on the lower Court of Chancery who found last week that Apollo had not breached its obligations under the deal. A new ruling would have to be issued by December 31, when the merger agreement allows Apollo to walk away. The Chancery judge, Sam Glasscock, had rejected Cooper's allegation that Apollo was falling short of its requirement under the deal to reach new contract terms with unions at Cooper plants in Ohio and Texas. Cooper also wants the Supreme Court to issue a declaration that Apollo is in breach of the merger. That would allow the North American tire maker to return to Glasscock's court and ask for an order directing Apollo to close. Apollo has argued Cooper is actually the one who has not kept up its end of the bargain. Cooper has argued that the Chinese lock-out and labor problems would never have happened without the merger agreement. Risks associated with the deal were taken on by Apollo and should have been baked into its bid, according to Cooper.  Full Article

Cooper Tire & Rubber Co Heads To Court To Save Apollo Tyres Ltd Deal-Reuters
Monday, 4 Nov 2013 12:18pm EST 

Reuters reported that Cooper Tire & Rubber Co and Apollo Tyres Ltd have headed to court over their failure to close Apollo's planned takeover of Cooper by last month's deadline. The result is a lawsuit in Delaware's Court of Chancery in which Cooper is seeking a court order to close the deal. Apollo has said it is committed to the takeover, but not at the current price.  Full Article

Apollo Tyres Ltd Opens Branded Retail Outlet In Sri Lanka-Business Standard
Wednesday, 16 Oct 2013 03:23am EDT 

Business Standard reported that Apollo Tyres Ltd has opened a branded retail outlet in Sri Lanka.  Full Article

Apollo Tyres Ltd Files Counterclaim Against Cooper Tire & Rubber Co's Lawsuit-Business Standard
Tuesday, 15 Oct 2013 03:17pm EDT 

Business Standard reported that Apollo Tyres Ltd has filed a counterclaim to Cooper Tire & Rubber Co's lawsuit seeking a judgment that the conditions precedent to the closing of the $2.5-billion merger haven't been satisfied by the American tyre maker. In a statement on Tuesday, Apollo Tyres said the Company's response to the complaint filed by Cooper detailed the US firm's failure to provide information under the merger agreement. This was partly due to its lack of control over its Chinese subsidiary, Cooper Chengshan Tire, as well as Cooper's breach of several representations, warranties and covenants in the merger agreement, it said. Apollo filed its reply and the counterclaim on Monday. Responding to a complaint filed by Cooper Tire with the Delaware Court of Chancery on October 4, Apollo has denied allegations it sought to delay an agreement with United Steelworkers, which represents Cooper employees at the Ohio and Arkansas facilities.  Full Article

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