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Cooper Files Court Complaint In Attempt To Speed Acquisition Closure

|Includes: Cooper Tire & Rubber Co. (CTB)

Originally published at www.seclive.com

Cooper Tire & Rubber Co. (NYSE:CTB) filed a complaint in U.S. court in an attempt to speed up the closure of the $2.5B acquisition of the company by India's Apollo Tyres. Apollo will become the seventh-largest tire company in the world following the acquisition, and plans to expand in China and the United States. The transaction has met its fair share of opposition from multiple parties, including the United Steel Workers union in the U.S. as well as some workers at Cooper's China joint venture partner. The workers at Cooper Chengshan Tire Co have been on strike for three months, with the business filing a lawsuit to dissolve its business relationship with Cooper. Cooper's shareholders however, have already agreed to the deal, which fulfills the company's obligations for closing. Apollo is clearly displeased with the court complaint, stating that the complaint has no basis.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.