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Apollo Tyres Ltd, Cooper Tire & Rubber Co Disagree Over $2.5 Billion Deal-Reuters


Monday, 7 Oct 2013 12:24am EDT 

Reuters reported that Apollo Tyres Ltd's $2.5 billion acquisition of Cooper Tire & Rubber Co has flared into a war of words as the two companies haggle over the price of the deal plagued by labour issues in the United States, where Cooper is based, and in China. Apollo said it may have to bear 'significant and unanticipated costs' that were 'well beyond' those it was obligated to bear under the initial merger agreement. Under the initial agreement, Cooper shareholders stand to receive $35 per Cooper share, a premium of more than 40% to its price before the acquisition announcement, valuing the deal at $2.5 billion. 

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