Cooper Tire investor sues to block takeover
6/25/2013
A Cooper Tire & Rubber Co. investor has sued to block the company’s $2.5 billion takeover by Apollo Tyres Ltd., saying the offer of $35 a share is too low.
A Cooper Tire & Rubber Co. investor has sued to block the company’s $2.5 billion takeover by Apollo Tyres Ltd., saying the offer of $35 a share is too low.
Company directors have an obligation to get the best possible price, the Booth Family Trust said in a filing in Delaware Chancery Court in Wilmington.
A spokesman for Findlay-based Cooper Tire said the company doesn’t comment on litigation.
The company said June 12 it would be bought by India-based Apollo.