Cooper Tire Terminates Merger Agreement with Apollo Tyres

Cooper Tire & Rubber Company

today announced it has terminated the merger agreement with Apollo Tyres (NSE:ApolloTYRE). “It is time to move our business forward,” said Cooper Chairman, Chief Executive Officer and President Roy Armes. “While the strategic rationale for a business combination with Apollo is compelling, it is clear that the merger agreement both companies signed on June 12 will not be consummated by Apollo and we have been notified that financing for the transaction is no longer available. The right thing for Cooper now is to focus on continuing to build our business.” “Our business model is strong, and despite the challenges this year, we are coming off record operating