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.

Metro RTA

Akron Children's Hospital

Hospice of the Western Reserve


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

Another Indians season opens with Chief Wahoo under scrutiny
The picture you have for Robert rocha is not him. He has long hair. No idea who that guy is in that picture

Portman predicts McDonald's confirmation, but says it won't be easy
I sent the following note to Senator Blumenthal after reading commentary from yesterday's hearing: Senator, You certainly have the right to ask Mr. McDonald que...

Seven minutes changed everything, but what changed Ashford Thompson?
He shot the guy four times in the head. I have never been that drunk or mad, and I have been through it. Shoot a guy once is bad, maybe a mistake, shoot a guy f...

First cricket farm in the U.S. opens in Youngstown
I am interested in cricket flour to replace soy flour in a low carbohydrate diet. As soon as you have cricket flour available for the average person, please le...

New process starts digesting sludge in Wooster
Awesome! When do our sewage rates decrease accordingly?

Akron's Chapel Hill Mall in foreclosure
Not a surprise. Between the shoplifting, gangs and violence that goes on up there it is no wonder that no one feels safe to shop at Chapel Hill. They have sca...

Ohio launches investigation into at least one Concept charter school
I worked at Noble Academy Cleveland as admin assistant and enrolment coordinator for 6 years, I know this is so valid and true and can provide staff names and p...

Crisis looms in filling aviation industry jobs in Ohio and the nation
I listened to this story yesterday morning on the radio and just want to add this comment. My son went to school to train as an air traffic controller, and gra...

Copyright © 2014 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