Apollo Says Has Been Working to Address Impediments to Cooper Tire Merger

Apollo Tyres Ltd (NSE: ApolloTYRE) today issued the following statement in response to the complaint filed by Cooper Tire & Rubber Company

with the Delaware Court of Chancery: “Apollo remains firmly of the belief that a merger with Cooper is compelling from a strategic perspective. Contrary to Cooper's complaint, we have been working diligently to address significant post-announcement impediments. “We continue to have committed financing from four major international banks and are ready to launch our financing, subject to reaching agreement with the USW, which is a requirement before Cooper can close under the September 13 arbitration ruling. Apollo has indicated to the USW in discussions