"It is time for our business to move forward. Cooper has been notified that the financing for the transaction is no longer available and hence the transaction will not be consummated by Apollo. It is clear that the agreement signed on June 12 not to be consummated by Apollo," Roy Armes, Chairman, CEO & President of Cooper Tires, said in a statement.
Also Read: Cooper Tire loses court bid to rescue Apollo merger
While cooper believes Apollo has breached the merger agreement, and the company will continue to pursue necessary legal steps to protect itself and the shareholders, it thinks the right thing will be to continue building the business.
Issues at China JV were driven by the merger agreement. Now with agreement terminated, Cooper is working independently at restoring normal operations in China, this includes obtaining the information needed for Cooper to resume regular financial reporting.
Cooper Tire & Rubber Co on December 16 lost its court bid to force Apollo Tyres to complete their proposed USD 2.3 billion merger.
The Delaware Supreme Court dismissed Cooper's appeal against an earlier ruling that Apollo was meeting its obligations to reach new contract terms with unions at Cooper plants in Ohio and Texas.
Apollo, which would have become the world's seventh-biggest tire maker after the merger, wanted to pay less than the USD 35 per share agreed in June because of demands by unions at Cooper plants and disruptions at Cooper's venture in China.
Under the terms of the merger, Apollo can walk away from the deal on December 31.
Apollo Tyres stock price
On December 30, 2013, Apollo Tyres closed at Rs 101.30, up Rs 0.55, or 0.55 percent. The 52-week high of the share was Rs 103.90 and the 52-week low was Rs 54.60.
The company's trailing 12-month (TTM) EPS was at Rs 7.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 13.99. 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 2.19.
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