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Apollo's price cut demand breach of deal: Cooper

Bloomberg  |  Delaware 

Cooper Tire & Rubber Co's argument to force a $2.5-billion takeover by Apollo Tyres centres on the reluctant suitor's insistence that the price be reduced, Cooper said in Delaware Supreme Court papers. The company's lawyers will argue at a December 19 hearing Apollo violated the merger contract by insisting that any agreement with the United Steel workers union include reduction of the previously agreed-upon $35 a share, court papers show. "Apollo's attempt to use its negotiations with the union to extract a price reduction from Cooper constituted a material ...

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First Published: Sat, December 14 2013. 22:30 IST