/ Industry, News / Cooper appeals ruling and seeks expedited hearing

Cooper appeals ruling and seeks expedited hearing

Linked In Share
Cooper appeals ruling and seeks expedited hearing

Cooper Tire & Rubber Co. asked the Delaware Supreme Court, in an appeal to the initial decision, to rule on its delayed $35-a-share takeover by Apollo Tyres Ltd. by Dec. 31.

Cooper today appealed to Delaware’s highest court seeking an expedited hearing, as the judge ruled Nov. 8 that all the contract conditions hadn’t been met, and that Cooper wasn’t yet entitled to force Apollo to complete the $2.5 billion buyout.

If the ruling that Apollo hasn’t materially breached the parties’ agreement is allowed to stand, “Apollo will likely seek to terminate its merger,” Cooper lawyers said in the filing.

Unless the ruling by Delaware Chancery Court Judge Sam Glasscock III is reversed, “it threatens not just this $2.5 billion merger, and the expectation interests of Cooper’s shareholders, but the broader corporate community’s settled expectations regarding the requirement to use ‘reasonable best efforts’ to consummate a merger,” the company’s lawyers added.

Talks to complete the largest acquisition by an Indian company in North America soured in October amid opposition from U.S. and Chinese workers. Apollo, based in Gurgaon, India, sought to cut its price, citing the labor issues. Findlay, Ohio-based Cooper sued Oct. 4 alleging Apollo officials were suffering from buyer’s remorse and intentionally delaying the transaction’s completion.

Glasscock concluded last week that Apollo wasn’t dragging its feet in negotiating with U.S. steelworkers and that means the Indian company hadn’t violated the merger agreement as Cooper alleged.

The judge left undecided whether problems at the company’s China unit, which left the tiremaker unable to provide some financial information to Apollo, allowed the Indian company to walk away from the deal. Glasscock allowed Cooper officials to appeal his ruling on the steelworkers’ talks to the Delaware Supreme Court.

Via Bloomberg

by Aurel Niculescu (my Google+) - Wednesday, November 13th, 2013 - filed under Industry, News. Image credit: .
Linked In Share
Related Articles


Discuss: Cooper appeals ruling and seeks expedited hearing

Leave a Reply


















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

Mercedes breached fuel flow rules in Melbourne – report
Mercedes breached fuel flow rules in Melbourne – reportMar.16 (GMM/Inautonews.com) Is this the 'trickery' referred to just days ago by Luca di Montezemolo? In an open letter, the ...
‘Monster’ Mercedes producing 900hp – report
‘Monster’ Mercedes producing 900hp – reportMar.16 (GMM/Inautonews.com) Mercedes' new field-leading turbo V6 engine could be producing much more horse power than was ...
My ‘servant’ days are over – Massa
My ‘servant’ days are over – MassaMar.16 (GMM/Inautonews.com) Felipe Massa has kicked off the next phase of his formula one career with two thumbs up. One thumb ...
Ecclestone doubts Susie Wolff will race in F1
Ecclestone doubts Susie Wolff will race in F1Mar.16 (GMM/Inautonews.com) Bernie Ecclestone does not think Susie Wolff will ever realise her dream of lining up on the F1 ...
Mercedes duo to battle ‘within limits’ on Sunday
Mercedes duo to battle ‘within limits’ on SundayMar.16 (GMM/Inautonews.com) Whether Mercedes will or will not impose team orders in Sunday's Australian grand prix has become a ...
Cautious Alonso targets mere Melbourne finish
Cautious Alonso targets mere Melbourne finishMar.16 (GMM/Inautonews.com) A cautious Fernando Alonso is hoping simply to finish Sunday's Australian grand prix. The Spaniard, ...
Vettel sees bright side to unlucky 13
Vettel sees bright side to unlucky 13Mar.15 (GMM/Inautonews.com) Although visibly annoyed, even Sebastian Vettel late on Saturday could see the bright side under ...
2014 rules expose ‘huge safety risk’ – Stewart
2014 rules expose ‘huge safety risk’ – StewartMar.15 (GMM/Inautonews.com) Sir Jackie Stewart on Saturday admitted he has a "very, very big" safety concern about F1's ...
Newey finds loophole to hide FIA nose camera
Newey finds loophole to hide FIA nose cameraMar.15 (GMM/Inautonews.com) Red Bull may have had a disastrous winter, but designer Adrian Newey's attention to detail is as ...
Mercedes have discussed team orders in Melbourne
Mercedes have discussed team orders in MelbourneMar.15 (GMM/Inautonews.com) 'No team orders' is too simplistic a headline in the intricate world of formula one. Earlier, we ...
Sport is ‘formula engine’ now – Lauda
Sport is ‘formula engine’ now – LaudaMar.15 (GMM/Inautonews.com) The sport might now be called "formula engine", at least in the early phase of 2014, according to ...
Renault still ‘a month’ behind – Taffin
Renault still ‘a month’ behind – TaffinMar.15 (GMM/Inautonews.com) Renault is still "about a month" behind its rival F1 engine suppliers. That is the admission of the ...
Mercedes upped budget to succeed in F1 – Lauda
Mercedes upped budget to succeed in F1 – LaudaMar.15 (GMM/Inautonews.com) Niki Lauda has admitted Mercedes upped its F1 budget in the quest to chase down the sport's top ...
US: Chrysler 200 plant rises like the Phoenix
US: Chrysler 200 plant rises like the PhoenixFiat Chrysler Automobiles suburban Detroit Sterling Heights Assembly Plant is the manufacturing facility with the tale of a ...
Porsche sees huge profit from each unit sold
Porsche sees huge profit from each unit soldYou might want to consider the honesty of Porsche executives when they say they’re dreading the company’s profit might take a ...
Read more automotive news


2013 Frankfurt Motor Show Live Images

porsche 918 spyders 1
Spied-Jaguar XJ Facelift 001
2015 audi tt roadster 1
Alfa Romeo 4C 2014 WTCC Safety Car 1
Isuzu D-Max Blade 1
Spy-Shots of Cars
Seat Leon sporty body kit 1
2014 corvette stingray crash 2
ferrari 458 italia 1
Mercedes-Benz A45 AMG by RevoZport and Mulgari 1
Citroen DS3 Benefit 1
Spied-Land Rover Baby Discovery RS Mule 001

More automotive from inautonews
Fiat Chrysler Automobiles suburban Detroit Sterling Heights Assembly Plant is the manufacturing facility with the tale of a legend – it went and stared the Abyss in the eyes and came back to talk about it. Today, an official ceremony will trigger the start of production for the 2015 Chrysler 200 ...
read more
Inautonews Editors Section
Test Drive: Renault Captur 0.9 – TCe 90 – fast review
Test Drive: Renault Captur 0.9 – TCe 90 – fast review After we’ve tested almost all Renault Captur models, we decided to check out the 3-cylinder engine - 898 cc 66kw (90 hp) model. Why we’ve ...
Test Drive Fiat 500L Living – Review
Test Drive Fiat 500L Living – Review Who ever thought in 2007, when Fiat unveiled the new 500 citycar that the Italian automaker will ever build a seven-seater 500 model. Clearly, ...
Test Drive Fiat 500L Trekking – Review
Test Drive Fiat 500L Trekking – Review Fiat had a great success back in the 60’s with the 500 model. It was cheap, practical and equipped with a 479 cmc petrol engine – that’s why ...

Editors Section
Inautonews Editors Section
2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video] 2009 safest cars Euro NCAP

Latest in Safety US: study made by safety group says 303 deaths linked to GM recallAccording to the study published by the Center for Auto Safety watchdog group, no less than 303 ... Porsche could stop 911 GT3 deliveries for several monthsPorsche is planning on stopping deliveries of the 911 GT3 for several months because the fire risk ...
Safety Section