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Monday, Oct 7
Apollo wants to pay less for acquisition of Cooper Tire
- Apollo Tires wants to lower the price of its $2.5B purchase of Cooper Tire & Rubber (CTB), due to "significant and unanticipated costs" that were "well beyond" those it thought it would have to pay under the initial merger agreement.
- Apollo said yesterday that Cooper agrees that the price should be cut. "The issue now is by how much."
- Cooper said it hasn't agreed to any such thing, having filed a court complaint on Friday pressuring Apollo to complete the transaction.
- The deal has been hit by labor issues in the U.S. and China, where opposition to the transaction has been especially strong.