Apollo Tyres Wants $2.5B Cooper Tire Deal At Lower Price

Law360, Wilmington (November 6, 2013, 10:58 PM EST) -- A top Apollo Tyres Ltd. executive testified in Delaware court Wednesday that Cooper Tire & Rubber Co. failed to provide advance warning of serious labor issues that arose after the announcement of Apollo's $2.5 billion acquisition of Cooper, which has been held up by pricing and other disputes.

Neeraj Kanwar, Apollo's vice chairman and managing director, said on the stand that his company was still motivated to complete the merger but should not be made to foot the bill for new union contracts or close the...
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