Cooper seeks Supreme Court ruling forcing Apollo to close USD2.3 billion merger
Cooper Tire & Rubber Co. will be making an all-out effort to save its merger deal with Indian tire manufacturer Apollo Tyres Ltd. on December 19.
According to a report by Reuters, the American tire company is grimly determined to secure a Delaware Supreme Court ruling that could force Apollo to close their USD2.3 billion deal.
The USD2.3 billion merger would make Apollo the world's seventh-largest tire manufacturer.
Apollo wanted to pay less than its initial cash offer of USD35 per share, citing demands made by unions at Cooper plants and disruptions at Cooper's venture in China, Reuters said.
According to the Wall Street Journal, Cooper and Apollo headed to court in early November to seek an intervention over the deal stalemate. Just a week ago, a Court of Chancery ruling favored Apollo, saying the Indian company did not breach terms of the deal.
Cooper wanted the Supreme Court to overturn the lower court's ruling. A new ruling would have to be issued by December 31, when the agreement expires and allows Apollo to walk way from the merger, Reuters said.