Cooper Tire & Rubber Co. has terminated its merger agreement with Apollo Tyres Ltd. And Apollo is not happy about it.
"Apollo is disappointed that Cooper has prematurely attempted to terminate our merger agreement," says the company. "While Cooper's lack of control over its largest subsidiary and inability to meet its legal and contractual financial reporting obligations has considerably complicated the situation, Apollo has made exhaustive efforts to find a sensible way forward over the last several months.
"However, Cooper has been unwilling to work constructively to complete a transaction that would have created value for both companies and their shareholders. Cooper's actions leave Apollo no choice but to pursue legal remedies for Cooper's detrimental conduct."
Apollo says it will continue to pursue many other "compelling" growth opportunities around the world.
"Our business is performing well -- as evidenced by the strong top and bottom line results we reported last quarter -- and we remain focused on executing our standalone strategic plan to maximize value for Apollo's shareholders. We are confident that Apollo is well-positioned for continued success."
