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Apollo Tyres Comments on Court Ruling Involving Cooper Tire Complaint

Apollo Tyres Ltd (NSE: ApolloTYRE) today issued the following statement
in response to a partial ruling issued today by Judge Sam Glasscock,
III, Vice Chancellor of the Delaware Court of Chancery, in relation to
the complaint filed by Cooper Tire & Rubber Company (NYSE: CTB).

“We are pleased that the Delaware Court has found that Apollo is not in
breach of its merger agreement with Cooper Tire. Furthermore, the Court
found that Apollo has used 'reasonable best efforts' to negotiate with
the USW and that, contrary to Cooper's claims, 'nothing in Apollo's
conduct indicates buyer's remorse.' Apollo continues to believe in the
merits of the combination and is committed to finding a sensible way
forward.”

See full press release

Posted-In: Earnings News Guidance Contracts Legal Management M&A Global

 

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