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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.

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Subscribe now

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  • Read our sector-leading articles in full
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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
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Cooper opens purpose-built distribution centre in Belgrade

Cooper Tire has announced its plan to open a 6,800m2 distribution centre in conjunction with logistics expert, Milsped, in Belgrade, Serbia. The facility will be located alongside Milsped’s corporate headquarters in the Krnjesevci area of Belgrade. Due to open in December, the centre will have a storage capacity of up to 400,000 tyres.

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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
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Dunlop 145SR10 SP44 Weathermaster launched

Vintage Tyres has announced the launch of the Dunlop 145SR10 SP44 Weathermaster. According to the company, the firm had to go “right back to the drawing board and create a brand new mould to the original specification” in order to give the new product its current lease of life. The SP44 is described as the classic rally tyre for the Mini Cooper and with its rugged design was also widely used on the famous Mini Moke.

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Cooper awarded at SEMA

Cooper Tire shares that it received a ‘Global Media Award’ at this month’s SEMA Show/Global Tire Expo for introducing the new Mastercraft Courser MXT at the show. In addition, the Cooper Zeon RS3-S (in size 325/30R19) was named a runner-up in the New Products Showcase in the Tire and Related Product category.

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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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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
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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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Cooper tyre supplier for fuel-efficient Elio

It may look like a Morgan three-wheeler from the future, but the Elio is one American company’s vision of fuel-efficient, safe motoring. The American-made car (or, as defined by US Federal Motor Vehicle Safety Standards, motorcycle) is expected to be market ready late next year and deliver 84 mpg on the highway and 49 mpg in the city (2.8 litres per 100km and 4.8 litres per 100km), plus an anticipated 5-star safety rating. Original equipment tyres will be supplied by Cooper Tire & Rubber, a relationship that has just been sealed by the signing of a letter of intent between the tyre maker and Elio Motors.

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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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Cooper the ‘official tyre’ of Canadian hockey

Cooper Tire will be the official tyre of the Canadian Hockey League (CHL) for the 2013-2014 season. The newly-announced partnership will see the tyre maker gain a “strong presence” at several CHL national series; Cooper says the partnership supports the company’s brand expansion into the Canadian market and is a “logical extension” of its Canadian market focus.

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‘Project Charlie’ – a failed attempt to resolve Cooper Chengshan standoff

One snippet of information to emerge from this week’s Cooper Tire & Rubber Co. v. Apollo Holdings Pvt Ltd court case is that Apollo attempted to eliminate opposition to its Cooper Tire buyout by acquiring the 35 per cent share in Cooper Chengshan held by Cooper’s joint venture partner. This potential problem-solver failed when the sum Apollo offered fell way short of the Chengshan Group’s expectations.

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New Championships a highlight for Cooper, Avon 2013 motorsport season

Cooper’s Avon brand celebrated 30 years of motorsport by adding a number of new championships to its portfolio, including the Time Attack Series, to which Avon became an official tyre supplier at the start of the year and the F1 Era Superbike Championship – a new series for 2013. Meanwhile, Cooper Tires became a principal partner to the burgeoning FIA European Rallycross Championship and sponsor to rising star Timmy Hansen in his maiden season. Both brands were once again the title sponsors of the Avon Tyres British GT Championship and the Cooper Tires British Formula 3 Series.

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