Apollo Tyres moves US court on Cooper Tire buy, denies delaying tactics
Mumbai, October 16, 2013: Apollo Tyres has reportedly asked a US court to declare that conditions precedent to closing the $2.5 billion merger with Cooper Tire & Rubber have not been satisfied.
Apollo Tyres wants to renegotiate the deal due to labour issues (Cooper’s Chinese worker struck work in June to protest the deal soon after the deal was announced) and Cooper claims that while Apollo initially sought a discount of $2.5 billion per share, it later upped this to $8 per share.
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