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 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