Cooper Issues Statement Regarding Pending Merger

  Cooper Issues Statement Regarding Pending Merger

      Cooper does not agree that a reduction in share price is warranted

Business Wire

FINDLAY, Ohio -- October 7, 2013

Today, Cooper Tire & Rubber Company (NYSE: CTB) issued the following statement
regarding the pending merger with Apollo Tyres (NSE: ApolloTYRE).

“Cooper, in its filing on Friday, October 4, is acting in the best interests
of its stockholders, who overwhelmingly approved the pending merger with
Apollo for $35 per share. As outlined in the complaint, Cooper rejected
Apollo’s efforts to obtain a reduction in share price. Cooper does not agree
that any such reduction is warranted.

“We are pleased that Apollo shares Cooper’s commitment to the strategic merits
of the transaction. The situations with the United Steelworkers (USW) and the
joint venture partner and union in China are a direct result of the merger
agreement, and are risks Apollo assumed under the merger agreement. The
situation with the USW can be resolved in a timely manner, and we ask that
Apollo proceed expeditiously toward resolution, working with Cooper. With
respect to China, Cooper explained in the complaint filed on October 4, and in
an earlier proxy statement, that the company has been prevented by the joint
venture partner and union access to certain operational and financial
information. We continue to work toward resolving the issues in China through
communication with the workers, union and the joint venture partner. Cooper
looks forward to closing this compelling transaction, which will provide
multiple benefits to both organizations, their employees, customers and
communities.”

About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company is the parent company of a global family of
companies that specialize in the design, manufacture, marketing, and sales of
passenger car and light truck tires. Cooper has joint ventures, affiliates and
subsidiaries that also specialize in medium truck, motorcycle and racing
tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales,
distribution, technical and design facilities within its family of companies
located in 11 countries around the world. For more information on Cooper Tire,
visit www.coopertire.com, www.facebook.com/coopertire or
www.twitter.com/coopertire.

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements are not based on
historical facts but instead reflect Cooper’s expectations, estimates or
projections concerning future results or events. These statements generally
can be identified by the use of forward-looking words or phrases such as
“believe,” “expect,” “anticipate,” “project,” “may,” “could,” “intend,”
“intent,” “belief,” “estimate,” “plan,” “likely,” “will,” “should” or similar
words or phrases. These statements are not guarantees of performance and are
inherently subject to known and unknown risks, uncertainties and assumptions
that are difficult to predict and could cause our actual results, performance
or achievements to differ materially from those expressed or indicated by
those statements. We cannot assure you that any of our expectations, estimates
or projections will be achieved.

The forward-looking statements included in this document are only made as of
the date of this document and we disclaim any obligation to publicly update
any forward-looking statement to reflect subsequent events or circumstances.

Numerous factors could cause our actual results and events to differ
materially from those expressed or implied by forward-looking statements,
including, without limitation: uncertainties associated with the proposed
acquisition of Cooper by Apollo, including uncertainties relating to the
ability to complete the transaction for any reason, including, without
limitation, the outcome of Cooper’s pending litigation against Apollo and the
inability of Cooper or Apollo to enter into agreements with the United
Steelworkers consistent with the previously announced arbitration decision
regarding the local unions at the Findlay, Ohio and Texarkana, Arkansas
plants. This list of factors is illustrative, but by no means exhaustive. All
forward-looking statements should be evaluated with the understanding of their
inherent uncertainty.

Contact:

Cooper Media Contact:
Anne Roman, +1 419-429-7189
alroman@coopertire.com
or
Cooper Investor Contact:
Steve Schroeder, +1 419-424-4165
investorrelations@coopertire.com
 
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