FINDLAY -- Cooper Tire & Rubber Co. has not done enough to help finalize its acquisition by Apollo Tyres Ltd., the Indian company says in a court filing.
Apollo announced earlier this year that it would acquire Findlay-based Cooper for $35 a share.
Roadblocks to the deal have popped up since, including an arbitrator's ruling that Apollo must forge an agreement with the United Steelworks union, which represents workers at Cooper's factories in Findlay and Texarkana, Ark.
Earlier this month, Cooper asked the Delaware Court of Chancery to compel Apollo to close the deal. Cooper said Apollo was delaying the deal.
Now, Apollo has filed a counterclaim, saying Cooper has not provided all the information it needs to close the deal.
Apollo has also said that the purchase price should be reduced because of the unexpected problems it has encountered.
Shortly after 1 p.m. today, Cooper Tire’s shares were up 28 cents at $26.08.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.