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No deal – Cooper terminates Apollo merger agreement

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The curtain has come down on a saga that made tyre industry headlines last year. On 30 December, Cooper Tire & Rubber announced its termination of the merger/acquisition agreement between it and India’s Apollo Tyres. The US tyre maker gave word of its action a day before the agreement was due to expire.
“It is time to move our business forward,” wrote Cooper chairman, chief executive officer and president Roy Armes in a statement. “While the strategic rationale for a business combination with Apollo is compelling, it is clear that the merger agreement both companies signed on June 12 will not be consummated by Apollo and we have been notified that financing for the transaction is no longer available. The right thing for Cooper now is to focus on continuing to build our business.”

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Related news:

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Court dismisses Cooper appeal

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Three days before Cooper Tire & Rubber’s scheduled appeal hearing, Delaware Supreme Court has dismissed the tyre maker’s appeal. A court filing signed by Justice Randy J. Holland stated that “based upon the filings by the parties, the Court has concluded that this interlocutory appeal was improvidently accepted”, or in other words it shouldn’t have been accepted by the court to start with.

Membership Required

If you are not yet a Tyrepress or Tyres & Accessories subscriber, you can change that here.

Subscribe now

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  • Read our sector-leading articles in full
  • Full analysis of tyre business segments
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Related news:

  1. No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
  2. Apollo responds to Cooper claims
  3. Separate Cooper contracts required before Apollo deal proceeds
  4. Cooper lawsuit to go ahead
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USW deal over Cooper plants reached, says source

According to an unconfirmed report, the United Steelworkers union has reached an agreement with Cooper Tire & Rubber regarding labour contracts at Cooper’s Findlay, Ohio and Texarkana, Arkansas plants. Financial website The Street wrote on 12 December that “a source close to the matter” said the USW has “worked out tentative agreements with Cooper based on potential outcomes.”

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  1. No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
  2. Court dismisses Cooper appeal
  3. No Cooper conference call
  4. Union has eye on Cooper’s Tupelo plant
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Indian market launch for Vredestein brand

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Apollo Tyres has announced the introduction of the Vredestein brand in India. Four ranges from the Dutch tyre maker will initially be available there – the Ultrac Sessanta, Ultrac SUV Sessanta, Ultrac Cento and Sportrac. These will be sold in a range of sizes for 15 to 20-inch rim diameters. The Vredestein range sold in India will complement the existing Apollo passenger car range, Apollo Tyres states.

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  1. Geneva launch for Apollo on-road SUV range
  2. Apollo Tyres Opens 150th Sales Office
  3. Vredestein Tyres Launched in India
  4. Apollo: 30% Increase in Exports to Europe Planned
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Maloya returns – but only in Germany for now

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Vredestein has brought back its second brand with the introduction of the Maloya Quadris all-season tyre. The brand, which originated in Switzerland and gained a new homeland with its acquisition by Vredestein in 1993, was absent from the company’s portfolio for the last year and a half. At the time company officials said the name was by no means ‘dead’ and, true to their word, it has been resuscitated.

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  1. Tread depth measurers – the new speed camera?
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Apollo, Sumitomo close African deal

The sale of Apollo Tyres South Africa (ATSA) to Sumitomo Rubber Industries has been closed, report Sumitomo and Apollo Tyres. In exchange for US$60 million, the Japanese firm now holds the rights to the Dunlop tyre brand in a further 30 African and two Indian Ocean region countries. Also included in the deal is the 9,600 tyre per day Ladysmith PCR factory that Apollo acquired as part of its Dunlop South Africa purchase in 2006, the ATSA distribution and sales network, and the ATSA distribution, sales and head office teams. Apollo retains the 2006-acquired Durban factory, which manufactures TBR and off-road tyres.

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  1. Apollo Appoints Satish Agarwal as Chief of Manufacturing
  2. Joint African Import Tax Causing Harm, Says Sameer
  3. Apollo Tyres to Supply 50% Nissan Truck South Africa OE Needs
  4. Dunlop Zimbabwe Ends South Africa Toll Agreement
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Columnist highlights lenders’ role in Apollo/Cooper problems

Writing on Reuters Breakingviews, corporate finance columnist Una Galani draws attention to how financial institutions contributed towards the current tensions between Apollo Tyres and Cooper Tire & Rubber. She opines that Apollo’s move to renegotiate its Cooper acquisition deal and seek a buying price less than the US$2.5 billion originally offered was pushed by attempts from Apollo’s lenders to extricate themselves from the takeover agreement.

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  1. Cooper counters Apollo offer reduction talk with statement
  2. Apollo Cooper takeover on the rocks
  3. Cooper unlikely to meet financials deadline
  4. Was a rival Cooper bid the elephant in Apollo’s room?
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Cooper granted appeal

The Delaware Supreme Court has approved Cooper Tire & Rubber’s request for an expedited hearing of its appeal against the partial bench ruling made by Delaware Chancery Court on 8 November and the letter of opinion dated 9 November.

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Related news:

  1. No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
  2. Cooper appeals court decision
  3. USW deal over Cooper plants reached, says source
  4. Court dismisses Cooper appeal
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Vredestein to start new year with agri production boost

To accommodate growing demand for all types of agricultural tyres from professional end-users, Apollo Vredestein B.V. is investing heavily to expand production capacity for these products. The production schedule and unit production at the company’s Enschede plant in The Netherlands will thus increase by 50 per cent from January 2014. This augmentation, which was first announced in August 2012, has already decreased delivery times, and thanks to improved production capacities the development of new tyres is progressing more rapidly than planned.

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  1. Higher capacity, bigger sizes to come from Vredestein agri investment
  2. New Apollo Vredestein distribution centre
  3. Vredestein posts 27% 2012-13 profit
  4. Apollo at the “Cusp of a New Dawn”, states Onkar Kanwar
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Apollo Tyres appoints London-based global media agency

Mindshare has been appointed Apollo Tyres’ global media agency, replacing ZenithOptimedia, who serviced Apollo in India since mid-2012. The tyre maker describes its business with Mindshare as a “multi-million dollar” account and says it appointed the company following a multi-agency pitch presentation at the Apollo Tyres global marketing office in London. Apollo says Mindshare was selected due to its global reach, along with its financial and organisational fit with Apollo Tyres.

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  1. Apollo signs on new creative partner
  2. Apollo launches UK, India ad campaign
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  4. Apollo opens first driver training centre
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Cooper unlikely to meet financials deadline

A filing Cooper Tire & Rubber submitted with the US Securities and Exchange Commission on 12 November does little to raise hopes that the company can provide Apollo Tyres’ creditors with financial information for the quarter to 30 September 2013 by tomorrow, as required in order for Cooper not to breach its merger agreement.

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Related news:

  1. Cooper appeals court decision
  2. Today is ‘D-Day’ for Cooper/Apollo deal
  3. Apollo responds to Cooper claims
  4. Columnist highlights lenders’ role in Apollo/Cooper problems
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Cooper appeals court decision

Cooper Tire & Rubber Company is appealing the partial ruling made by the Delaware Chancery Court last week. The appeal was filed with the Delaware Supreme Court on 12 November and asks the court to rule on it on an expedited basis – before 31 December 2013, the date through which Cooper’s agreement with Apollo Tyres remains in effect. Cooper confirms that until that date, the 8 November partial ruling requires both parties to continue performing their obligations under the merger agreement.

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Related news:

  1. Cooper unlikely to meet financials deadline
  2. Today is ‘D-Day’ for Cooper/Apollo deal
  3. It’s on – Cooper shareholders vote ‘yes’
  4. Apollo Tyres says yes to Eastern Europe, Asia, and no to China
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Apollo’s European turnover significantly up

As reported yesterday, Apollo Tyres’ global turnover only rose 1.7 per cent to Rs 34.3 billion in the prior quarter (£338.2 million). Yet the company’s turnover in Europe between 1 June and 30 September – the second quarter of the Apollo’s current financial year – grew substantially. Quarter turnover for Europe increased 46.1 per cent year-on-year to Rs 10.6 billion (£104.4 million); Apollo Vredestein’s quarter-on-quarter growth was 33 per cent.

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  1. Apollo Vredestein Expands East European Business
  2. Apollo Vredestein Banden Buyout Imminent
  3. Vredestein posts 27% 2012-13 profit
  4. Apollo Still Contemplating Eastern Europe Greenfield Plant?
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Apollo net profit up 44% in June-September quarter

During the second quarter of its financial year, the period from 1 June to 30 September, Apollo Tyres reported net sales of Rs 34.3 billion (£338.2 million), a slight increase on the same quarter a year earlier. Operating profit rose 16 per cent in the quarter to Rs 4.4 billion (£43.3 million), while net profit soared 44 per cent to Rs 2.2 billion (£21.7 million).

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  1. Despite positive H1 results, Apollo wary of slowing growth
  2. Further growth for Apollo Tyres in prior quarter
  3. Apollo Net Sales Up 24% in Q1
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No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement

A US court has ruled that Apollo Tyres hasn’t intentionally delayed its acquisition of Cooper Tire & Rubber or breached the terms of its acquisition agreement. The preliminary ruling delivered by Judge Sam Glasscock III on 8 November opines that while Apollo has demonstrated effort in its negotiations, plaintiff Cooper cannot demonstrate it has satisfied all the conditions of the $2.5 billion deal or met all obligations in regards to closing the deal on its original terms.

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Related news:

  1. Cooper lawsuit to go ahead
  2. Court dismisses Cooper appeal
  3. Separate Cooper contracts required before Apollo deal proceeds
  4. USW deal over Cooper plants reached, says source
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