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.

Hospice of the Western Reserve

NOCHE

Greater Akron Chamber


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

Ohio to appeal ruling keeping Akron's red light cameras in place
I don't understand what all the fuss is about. If you don't like tickets drive the speed limit and stop at red lights. It's really all up to you.

Who's on public assistance in Ohio?
legalize marijuana get over it,,, its here its been the main drug test scare of a lifetime. u got people that get drunk every night and work u got peoples on ...

Letters from a lost friend: A Beachwood survivor's Holocaust remembrance
What a great story -- and how important it was for both Marlene and her mother to tell it! Thank you.

Ohio lawmaker calls for an East Cleveland bailout
Instead of blaming Kasich and the Republicans for all of East Cleveland's fiscal woes, take a look at the facts. Some political entities in Ohio are too small ...

Legalized marijuana is a boon for a Cleveland-area grow light maker
Shouldn't he be in jail for paraphernalia? He knows he is selling for marijuana production.

Akron city council to vote on resolution for hiring ex-offenders
Great as a taxpayer I paid for the police to catch them, the free lawyer, the jail to house them , the food their kids eat the medical for them and all its goin...

5 of 8 rule headed for a vote
this is just another way for kasich to pass the buck and claim that it gives the local districts control. Few schools have enough money because of his cuts. T...

A passionate debate about parole in Ohio
I was heartened to hear that the legislators will consider ANY legislation to break the chains the parole board has put on these old law offenders who have serv...

Bill would allow Ohio religious leaders to refuse to do gay marriages
This is just a lot of political posturing. The free exercise clause of the 1st Amendment already protects clergy from being forced by civil authorities to perfo...

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