Apollo Tyres Says Cooper Tire Putting Brakes On $2.5B Merger

Law360, New York (October 15, 2013, 6:19 PM EDT) -- Apollo Tyres Ltd. told a Delaware Chancery Court judge on Monday that it has failed to close a $2.5 billion merger with Cooper Tire & Rubber Co. not due to "buyer's remorse" but because Cooper has failed to provide financial information about its largest subsidiary.

In an answer to Cooper's Oct. 4 complaint, Apollo accused Cooper of breaching its obligations and representations under the June agreement. In particular, Cooper has lost control over Cooper Chengshan (Shandong) Tire Co. Ltd., a Chinese subsidiary, and has therefore failed...
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