Apollo Files Response to Cooper Complaint
GURGAON, India -- October 15, 2013
Apollo Tyres Ltd (NSE: ApolloTYRE) yesterday filed its answer to the complaint
filed by Cooper Tire & Rubber Company (NYSE: CTB) with the Delaware Court of
Chancery on October 4, 2013 as well as a counterclaim.
In its answer, Apollo denied the allegations made by Cooper regarding the
course of its negotiations with the United Steelworkers and confirmed that it
has worked diligently to reach a settlement with the United Steelworkers to
enable Cooper to overcome the United Steelworkers injunction prohibiting
Cooper from consummating the merger. Apollo also asserted affirmative
defenses, including that conditions precedent to closing had not been
satisfied because the marketing period for the financing, central to Cooper’s
claims in its complaint, had never commenced and that Cooper has failed to
meet its contractual obligations under the merger agreement.
Apollo also filed a counterclaim seeking a declaratory judgment that the
conditions precedent to the closing of the merger have not been satisfied.
Apollo’s response details Cooper’s failures to provide information required to
be provided under the merger agreement due in part to its lack of control of
its Chinese subsidiary, Cooper Chengshan Tire (CCT), as well as Cooper’s
breach of several representations, warranties and covenants in the merger
Apollo reaffirms that it believes that a merger with Cooper is strategically
compelling and that it continues to work diligently to address the various
post-announcement impediments preventing Cooper from consummating the merger.
About Apollo Tyres Ltd
Apollo Tyres Ltd is a high-performance tire manufacturer headquartered in
India. It is built around the core principles of creating stakeholder value
through reliability in its products and dependability in its relationships.
The company has manufacturing units in India, the Netherlands, and South
Africa and exports its products around the world. In each of its markets the
company operates through a vast network of branded, exclusive and
This release contains forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements are not based on
historical facts but instead reflect Apollo’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,” “desire,” “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
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.
Sard Verbinnen & Co
Meghan Gavigan / Samantha Verdile
Yograj Varma, +91-124-2721430
Ritu Kumar, +91-124-2721401
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