Cooper needs to fulfill conditions of Apollo deal - judge

|About: Cooper Tire & Rubber Co. (CTB)|By:, SA News Editor

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.