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Apollo Cooper takeover on the rocks

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Apollo Tyres’ planned takeover of Cooper Tire appears to be in serious jeopardy as the latest court proceedings reveal the depth mistrust between the two companies. Cooper’s suggestion that Apollo has “buyer’s remorse” and is using the industrial dispute at Cooper Chengshan as a way of sabotaging the deal is the clearest example of this yet. The question of whether or not Apollo is putting everything it can into closing the deal is at the centre of the case. Apollo says it is doing everything it can despite the Chengshan and USW issues. Cooper says these are being used as delay tactics.

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Related news:

  1. Cooper counters Apollo offer reduction talk with statement
  2. Today is ‘D-Day’ for Cooper/Apollo deal
  3. Columnist highlights lenders’ role in Apollo/Cooper problems
  4. Apollo: Cooper Chengshan on track despite strike reports
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Chengshan wanted to acquire Cooper Tire, court hears

Yesterday the court case between Apollo Tyres & Cooper Tire & Rubber began in the US. The case is scheduled to run until tomorrow, and on the first day Cooper chairman, chief executive officer and president Roy Armes shared why relations with the partner in its Cooper Chengshan joint venture operation turned sour once the Apollo acquisition deal became known.

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Related news:

  1. Separate Cooper contracts required before Apollo deal proceeds
  2. Today is ‘D-Day’ for Cooper/Apollo deal
  3. Cooper lawsuit to go ahead
  4. Cooper not yet ready to resume financial reporting
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Pirelli signs for 2014 Mini Challenge supply

Pirelli has signed an extension to its supply of the Mini Challenge. The tyre supplier, which has original equipment deals to supply its P Zero and Cinturato tyres to the road-going Mini Countryman and Mini Cooper S, will supply both the Cooper class and the turbo-charged John Cooper Works class throughout 2014, the series’ 13th year. The series organiser said it had agreed to place controls on tyre usage in conjunction with the tyre supplier, with the aim of keeping down the cost of competing.

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  1. Pirelli nominates F1 tyre compounds for Korea, Japan and India
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USW deal brings Cooper closer to Apollo agreement

A merger-facilitating deal has been struck between Cooper Tire & Rubber and the United Steelworkers Union. On 30 October, the tyre maker entered into a tentative agreement with the United Steelworkers and United Steelworkers (USW) Local 207L (representing workers at the company’s Findlay plant) and Local 752L (Texarkana), along with USW Local 556L (Clarksdale). Details of the tentative agreement have not yet been disclosed –the agreement must first meet with Apollo’s approval and be ratified by union members.

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Related news:

  1. Apollo responds to Cooper claims
  2. Cooper unlikely to meet financials deadline
  3. USW deal over Cooper plants reached, says source
  4. Apollo share price hits all-time high
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Cooper lawsuit to go ahead

A Delaware Chancery Court judge has turned down Apollo Tyres’ bid to have Cooper Tire & Rubber’s lawsuit against it dismissed. Judge Sam Glasscock III stated during a telephone hearing that both parties should “prepare for trial” if they can’t settle their differences alone.

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Related news:

  1. Separate Cooper contracts required before Apollo deal proceeds
  2. No ‘buyer’s remorse’ – court rules Apollo not in breach of agreement
  3. Cooper not yet ready to resume financial reporting
  4. Chengshan wanted to acquire Cooper Tire, court hears
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Cooper uncertainty good for Apollo share price

Are investors experiencing a case of schadenfreude towards the latest Apollo/Cooper developments? The Apollo Tyres share price took a nose dive following the announcement of plans to acquire Cooper Tire & Rubber, falling from a 52-week high of Rs 101.5 on 8 May to a 52-week low of Rs 54.6 on 21 June. Now, buoyed by speculation that the deal may fall apart, the Apollo share price looks set to rise.

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Related news:

  1. Apollo share price hits all-time high
  2. Cooper shares up 40% following acquisition announcement
  3. Morgan Stanley takes 0.5% share in Apollo
  4. Separate Cooper contracts required before Apollo deal proceeds
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Apollo responds to Cooper claims

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Both Cooper Tire & Rubber and Apollo Tyres state they want the merger/acquisition deal to close, yet each blames the other for delaying this. First Cooper alleged its suitor wasn’t settling certain issues; now Apollo says Cooper has failed to address everything required for the agreement to be finalised.

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Related news:

  1. Court dismisses Cooper appeal
  2. Cooper to take ‘strong presence’ to Moscow Motor Show
  3. Cooper unlikely to meet financials deadline
  4. Foj, Race2Recovery aim to build on 2013 success on Cooper rubber
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Cooper counters Apollo offer reduction talk with statement

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On October 7th, Cooper Tire & Rubber Company issued a statement regarding the pending merger with Apollo Tyres, in which Cooper makes it plain that it believes that a reduction in share price is unwarranted. The statement, in full, reads as follows:

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Related news:

  1. Apollo Cooper takeover on the rocks
  2. Columnist highlights lenders’ role in Apollo/Cooper problems
  3. Today is ‘D-Day’ for Cooper/Apollo deal
  4. No deal – Cooper terminates Apollo merger agreement
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Cooper takes suitor Apollo to court

Cooper Tire & Rubber Company has filed a legal complaint against the company that has agreed to buy it in a friendly takeover, Apollo Tyres. Cooper filed a complaint on 4 October in Delaware Chancery Court asking that “subsidiaries of Apollo Tyres Ltd be required to expeditiously close the pending merger between the two tyre companies in accordance with the terms of the definitive merger agreement”.

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Related news:

  1. Kanwar: ‘We see significant growth potential’ at each tyre plant
  2. Swiss Finance acquires 1.34% stake in Apollo
  3. Separate Cooper contracts required before Apollo deal proceeds
  4. Apollo Cooper takeover on the rocks
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It’s on – Cooper shareholders vote ‘yes’

Cooper Tire & Rubber has announced that its stockholders voted to approve its pending merger with a wholly-owned subsidiary of India’s Apollo Tyres, with more than 74 per cent of Cooper’s outstanding common shares voted in favor of the transaction. Approximately 78 per cent of Cooper’s outstanding common shares were voted, with more than 48 million shares voted in favor of the merger, representing approximately 96 per cent of Cooper’s voted shares.

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Related news:

  1. Cooper acquisition is a game changer – Apollo MD talks to T&A
  2. Cooper appeals court decision
  3. Was a rival Cooper bid the elephant in Apollo’s room?
  4. Cooper not yet ready to resume financial reporting
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Today is ‘D-Day’ for Cooper/Apollo deal

Within the next few hours, Cooper Tire & Rubber shareholders will cast their votes in favour or against Apollo Tyres’ bid to acquire the US tyre maker for US$2.5 billion.

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Related news:

  1. Cooper not yet ready to resume financial reporting
  2. Apollo: Cooper Chengshan on track despite strike reports
  3. Chengshan wanted to acquire Cooper Tire, court hears
  4. Cooper brand tyre manufacturing set to resume in China, say US firm
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Court rejects bid to relocate Cooper Chengshan case

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Following the rescheduling of the Cooper Chengshan court hearing to an undetermined date, the Chengshan Group sought to have the case moved from China to Hong Kong. However, Bloomberg reports that the Weihai Intermediate People’s Court has decided not to allow this change of venue.

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Related news:

  1. Court delays Cooper Chengshan anti-merger case
  2. Apollo Cooper takeover on the rocks
  3. Apollo Tyres says yes to Eastern Europe, Asia, and no to China
  4. Cooper unlikely to meet financials deadline
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Moscow office to aid Cooper’s drive into Russia

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Cooper Tire has shared details of the sales office it has set up in Moscow. Alex Kolkov heads the office as sales manager; he joined Cooper Tire after serving in leadership positions at multinational companies with sales and production facilities in Russia, including Paulig Rus LLC and Sappi.

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Related news:

  1. Cooper finalises Serbian acquisition
  2. Cooper acquisition is a game changer – Apollo MD talks to T&A
  3. Cooper the target of securities class action lawsuit
  4. Cooper Tire reports 1Q2020 net loss of US$12 million, Europe and International segment bears the brunt
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Cooper to supply Indy Lights Series

Cooper Tire has replaced Firestone as the official tyre supplier to the US-based Indy Lights Series from 2014, making Cooper the official tyre of the entire Mazda Road to Indy ladder. The agreement will initially run for five years, with an option to extend beyond the end of the 2018 season.

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Serbia expansion means more European made/sold tyres for Cooper

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At present, Cooper Tire & Rubber operates eight plants in the Americas, Asia and Europe, and production from all three regions is sold on the European market. However the company believes its value proposition can be strengthened by increasing the proportion of European-made tyres sold here.

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Related news:

  1. Philippines Plant Closure For Goodyear
  2. Two New China Execs for Cooper Tire
  3. Interview – Roy Armes
  4. Apollo Tyres says yes to Eastern Europe, Asia, and no to China
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