Cooper Seeks Damages After Ending Apollo Tyres Merger Deal
Cooper Tire & Rubber Co. said it will pursue a $112.5 million “reverse termination fee” after ending its attempt to acquire Apollo Tyres.
The $2.5 billion acquisition deal had been in doubt for months after Cooper brought Apollo to court to force it to proceed, Bloomberg News said. Cooper announced Dec. 30 that it had ceased pursuing the purchase.
Cooper had blamed Apollo in court for trying to delay the acquisition by blocking Cooper from participating in union negotiations. A judge ruled in Apollo’s favor in November.
After Cooper’s Dec. 30 court filing seeking the termination fee, Apollo petitioned the court to block Cooper’s access to the money, Bloomberg said.
