Apollo Seeks to Bar Cooper’s Access to Deal’s Breakup Fee

Apollo Tyres Ltd. asked a judge to bar Cooper Tire & Rubber Co. from having access to more than $112 million set aside in case Apollo’s $2.5 billion acquisition of the tiremaker collapses, according to court filings.

Apollo’s lawyers asked Delaware Chancery Court Judge Sam Glasscock III yesterday to deny Cooper executives access to a $112.5 million letter of credit which covers breakup fees for the $35-a-share buyout. Cooper officials contend Apollo executives suffered buyer’s remorse after agreeing to acquire the U.S.’s fourth-largest tiremaker in June.