Nov 09, 2013, 12.07 PM IST
In October, Cooper filed a complaint in Delaware Court of Chancery to push for completion of their merger and stated that the Indian firm was seeking to delay an agreement with USW, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Arkansas.
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Favourable 'partial ruling' in spat with Cooper: Apollo
In October, Cooper filed a complaint in Delaware Court of Chancery to push for completion of their merger and stated that the Indian firm was seeking to delay an agreement with USW, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Arkansas.
Like this story, share it with millions of investors on M3
Favourable 'partial ruling' in spat with Cooper: Apollo
In October, Cooper filed a complaint in Delaware Court of Chancery to push for completion of their merger and stated that the Indian firm was seeking to delay an agreement with USW, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Arkansas.
"We are pleased that the Delaware Court has found that Apollo is not in breach of its merger agreement with Cooper Tire. Furthermore, the Court found that Apollo has used 'reasonable best efforts' to negotiate with the United Steelworkers (USW) and that, contrary to Cooper's claims, 'nothing in Apollo's conduct indicates buyer's remorse'," Apollo Tyres said in a statement.
Apollo continues to believe in the merits of the combination and is committed to finding a sensible way forward, it added.
In October, Cooper filed a complaint in Delaware Court of Chancery to push for completion of their merger and stated that the Indian firm was seeking to delay an agreement with USW, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Arkansas.
Apollo had denied this but sought price reduction in the USD 2.5-billion deal citing problems related to the US firm's operations in China and concessions to the workers' union but was rejected by Cooper.
Earlier this week, Cooper had said it has reached tentative agreements with USW aimed at helping it close the deal with Apollo.
In June, Apollo had announced to acquire Cooper Tire & Rubber Co in an all-cash transaction valued at around USD 2.5 billion (nearly Rs 14,500 crore) and the merged entity was billed to become the seventh largest tyre maker in the world.
Apollo Tyres stock price
On November 08, 2013, Apollo Tyres closed at Rs 71.60, down Rs 1.45, or 1.98 percent. The 52-week high of the share was Rs 101.50 and the 52-week low was Rs 54.60.
The company's trailing 12-month (TTM) EPS was at Rs 6.56 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 10.91. The latest book value of the company is Rs 46.24 per share. At current value, the price-to-book value of the company is 1.55.
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