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Apollo Tyres Ltd Deal May Skid On Valuation Issue With Cooper Tire & Rubber Co - Business Standard


Monday, 7 Oct 2013 12:29pm EDT 

Business Standard reported that Apollo Tyres Ltd on October 7, 2013 looking to renegotiate the value of its $2.5-billion deal to acquire Cooper Tire & Rubber Co due to persisting labour issues at the latter’s Chinese and American facilities. In a complaint filed last week in a Delaware court, Cooper Tire had claimed Apollo had initially sought a discount of $2.5 per share on the initial offer and later of $8-$9 a share. According to the original deal, Apollo was to pay $2.5 billion to buy out Cooper Tires at $35 a share. Depending on the various discounts demanded by the Indian company, the deal size would come down to $2.32 billion (at $ 32.5 a share) and $1.86 billion (at $26 a share). In simple terms, it means Apollo Tyres has asked for a reduction between 7% and 25% on the original deal price. 

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176.15
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25 Jul 2014