- Apollo Tires wants to lower the price of its $2.5B purchase of Cooper Tire & Rubber (NYSE: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.
Apollo wants to pay less for acquisition of Cooper Tire
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