Cooper Tire & Rubber Company CTB 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
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