Cooper Blames Apollo Tyres in Court for Delay in $2.5 Billion Buyout
Cooper Tire and Rubber Co. testified in court it could have expedited its $2.5 billion buyout by Apollo Tyres if it had been allowed to take part in union negotiations, Bloomberg News reported.
India-based Apollo delayed the union talks and insisted Cooper be excluded, a Cooper negotiator testified in a Delaware court, Bloomberg reported.
The judge in the case is being asked to decide if trouble with the United Steelworkers and Cooper’s Chinese affiliate is significant enough to change the value of the company, according to Bloomberg.
Apollo previously said Cooper acknowledged the $35-a-share offer should be reduced and that “the issue now is by how much,” Apollo said in a statement. The deal was first announced June 12.
Cooper has denied it agreed to any need to cut the price.
Findlay, Ohio-based Cooper makes tires for heavy-duty trucks and provides tread rubber and other equipment for the retread industry.
