Thursday, Jun 30, 2016
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Apollo files counterclaim against Cooper Tire

Apollo fires counterclaim against Cooper Tire in ongoing merger battle

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.

 

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