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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. 

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