Cooper needs to fulfill conditions of Apollo deal - judge


Cooper Tire & Rubber (CTB) must show that it has fulfilled all the conditions of Apollo Tyres' prospective $2.5B acquisition of Cooper before a judge will order the Indian company to pay a contractually agreed $35 a share for the U.S. firm.

Judge Sam Glasscock said over the weekend that whether Cooper had fulfilled the conditions is unresolved. The company needs to provide Q3 results by Thursday, but this could be difficult due to "the physical seizure of a Cooper subsidiary in China by a minority partner."

On Friday, Glasscock made a preliminary ruling in which he rejected Cooper's argument that Apollo delayed talks with the United Steelworkers union and violated the acquisition terms by acting in bad faith.

Comments (2)
  • SCOOPNJ78
    , contributor
    Comments (58) | Send Message
     
    This is a BAD deal all the way around for CTB Shareholders Management sold out for 30 pieces of silver
    11 Nov 2013, 09:18 AM Reply Like
  • budskilite
    , contributor
    Comments (7) | Send Message
     
    CTB deal shows how fragile this company really is
    11 Nov 2013, 02:59 PM Reply Like
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