ERJ staff report (BC)
Wilmington, Delaware – The Delaware Chancery Court has agreed to hear Cooper Tire & Rubber Co.'s case against Apollo Tyres Ltd. over Apollo's proposed purchase of Cooper in early November, reports Tire Business.
Cooper sued Apollo Oct. 4, charging the Indian tire maker is delaying implementing its $35 (€25.80) a share offer for the US firm by drawing out its arbitrated negotiations with the United Steelworkers union at two Cooper plants in the US, among other things.
"The strategic rationale for the pending merger with Apollo Tyres remains compelling. and we believe it will create value for all stakeholders," Cooper said. "We look forward to closing the pending merger as soon as possible."
The court did not set a date for the hearing, which Cooper said is an expedited timeline.
Cooper shareholders approved Apollo's offer Sept. 30; the deal was supposed to close 4 October, according to terms of the agreement.
