Deals
Cooper Tire Says Apollo Price-Cut Demand Breached Deal
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Cooper Tire & Rubber Co.’s argument to force a $2.5 billion takeover by Apollo Tyres Ltd. centers on the reluctant suitor’s insistence that the price be reduced, Cooper said in Delaware Supreme Court papers.
The company’s lawyers will argue at a Dec. 19 hearing that Apollo violated the merger contract by insisting that any agreement with the United Steelworkers union include reduction of the previously agreed-upon $35 a share, court papers show. Cooper shares today were trading below $24.