Change strategy Cooper Tire intends to claim compensation from Apollo
Recently, the 2.5 billion U.S. dollar M&A deal between Cooper Tire and India’s Apollo tyres has reached an impasse, and Cooper tires are now beginning to change their tactics and begin to seek compensation from Apollo Tires.
December 19, 2013 The Supreme Court of Delaware held a trial to hear the Cooper Tire M & A. It was surprising that the court recently dismissed Cooper Tire's appeal. In a short statement, Judge Randy J. Holland said that the court considered the appeal as "not necessary" and pointed out that the court should not accept the case at first.
Cooper Tire reported to the Delaware Court of Chancery on Dec. 20 that the company intends to seek compensation from Apollo Tire through legal channels and hopes that this will happen after January 1, 2014. The court consulted with Apollo tyres.
Apollo Tire has reached an agreement with Cooper Tire in June and invested US$2.5 billion in the latter's acquisition. This transaction was also approved by Cooper Tire's shareholders in September, and the deadline is 31st of this month. Luo Tire will have the right to abandon this transaction.
At present, the two companies have not ruled out the possibility of completing the merger, and if the two parties fail to reach an agreement on the 31st, Apollo Tire will be able to avoid paying the $112.5 million liquidated damages.
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