News
News Home
Quick Bites
Exploradio
News Archive
News Channel
Special Features
NPR
nowplaying
On AirNewsClassical
Loading...
  
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Don Drumm Studios

Akron Children's Hospital


For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )


Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business


Tire companies' merger stirs bad blood
Ohio's Cooper Tire is accusing Apollo Tyres of underhanded business practice and awaiting court date
Story by LAUREN SCHMOLL


 
DE Chancery Court:

A merger between Cooper Tire & Rubber Co. and Apollo Tyres Ltd. of India is off to a rough start.

Tire Business reports that just days after the merger was approved by voters, Cooper Tires filed a motion in court for Apollo to "expeditiously close the pending $2.5 billion deal."

Cooper, based in Findlay, is accusing Apollo, based in Gurgaon, India, of trying to change the terms of the deal by delaying a union contract at one of the Cooper plants.

Apollo says that Cooper misrepresented its management holdings of a Cooper subsidiary in China, and wants to drop its offer of $35 a share by at least $2.50. Cooper’s stock dropped to $26 a share last week.

Jim Smith, editor of Tire Review Magazine, says this kind of dispute between distant companies is not uncommon. 

Smith on the Cooper/Apollo dispute

Other options:
Windows Media / MP3 Download (0:12)


"How this is going to ultimately impact whether or not this deal goes through remains to be seen," Smith says. "I suspect that both sides are fairly dug in on their versions of events, but it's going to be up to the court to figure it out." 

The case will be heard in the Delaware Chancery Court in early November.

If Apollo backs out before Dec. 31, it will face a $112 million penalty. But if the case drags into the new year, either side can walk away without a penalty.

If the deal is to move forward, financing must be complete by Nov. 15.

Add Your Comment
Name:

Location:

E-mail: (not published, only used to contact you about your comment)


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook



Stories with Recent Comments

The generation gap in care for developmentally disabled Ohioans
I don't understand how a few hours a day of caregiving can possibly help a person who lives with complex/multiple disabilities. Many waiver recipients totally d...

Marijuana referendum may change more than pot's legal status in Ohio
If our representatives would act in accordance with the will of the people things like this wouldn't happen. They dragged their feet and blocked discussion on t...

Area pastors and congregation members protest justice system
I live in Cleveland. trust me when I say the high incarceration rate is due to the high crime rate.

Ohio's attorney general rejectsthe latest proposal to legalize marijuana
i think the ag launguage is money hes talking about drug companies must pay him more than responsible ohio can

PBS documentary chronicles the fall of Saigon through new footage and stories
Hi, Does anyone know the number - in the pbs special "Last Days of Vietnam" documentary, of how many Vietnamese were evacuated? Please e-mail me the answer. T...

Protest planned at tomorrow's FirstEnergy meeting
The problems of the poor and downtrodden have nothing to do with First Energy. They are the result of Republican legislators who consistently reduce taxes on th...

Ohio bill would help smaller communities with LGBT discrimination laws
Do we not try and have rights for all individuals equally? On the HUD list of "preferred" candidates who get "special consideration" it states that: For purp...

Ohio likely will continue with two types of police academies
Wake up people your wanting a Harvard law school education for a job that may pay a little over the poverty level. I don't know anyone who could support a wife ...

Police Week's ties from NE Ohio to D.C.
The men and women in blue who risk their lives everyday to serve and protect us....and this is as much recognition and appreciation that NPR/WKSU feels to offer...

First in a Series: How charter schools got a foothold in Ohio
If the interest where in education and there would be oversight of taxpayer dollars, charter schools would be okay. However, Charter School in Ohio are purely f...

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

 
In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University