Apollo Tyres Comments on Cooper Tire’s Decision to Terminate Merger
GURGAON, India -- December 30, 2013
Apollo Tyres Ltd (NSE: ApolloTYRE) today issued the following statement in
response to the announcement from Cooper Tire & Rubber Company (NYSE: CTB)
that it has terminated the Merger Agreement with Apollo announced on June 12,
“Apollo is disappointed that Cooper has prematurely attempted to terminate our
Merger Agreement. While Cooper’s lack of control over its largest subsidiary
and inability to meet its legal and contractual financial reporting
obligations has considerably complicated the situation, Apollo has made
exhaustive efforts to find a sensible way forward over the last several
months, however, Cooper has been unwilling to work constructively to complete
a transaction that would have created value for both companies and their
shareholders. Cooper's actions leave Apollo no choice but to pursue legal
remedies for Cooper's detrimental conduct.
“Importantly, Apollo has many other compelling growth opportunities around the
world that we are continuing to pursue. Our business is performing well – as
evidenced by the strong top and bottom line results we reported last quarter –
and we remain focused on executing our standalone strategic plan to maximize
value for Apollo’s shareholders. We are confident that Apollo is
well-positioned for continued success.”
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
+44 (0)20 3178 8914
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