Seeking Alpha

Cooper Tire & Rubber and Apollo Tyres go to court

  • Cooper Tire & Rubber (CTB) goes to court today in Delaware in an attempt to force Apollo Tyres to complete its purchase of the company at the original terms despite ongoing labor issues.
  • The judge in the fast-tracked case will have to determine if a "material adverse effect" has cropped up which would allow a new acquisition price to be negotiated.
  • CTB -0.1% premarket to $25.61 vs. the original buyout offer of $35/share.
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