Apollo To Pursue Legal Remedies For Cooper's Attempt To Terminate Merger Deal

(RTTNews) - Indian Tyre maker Apollo Tyres Ltd. Monday said it is disappointed with the decision of Cooper Tire & Rubber Co. (CTB) to terminate the $2.5 billion merger deal with Apollo. The agreement, signed on June 12, was terminated by Cooper citing insufficient funds.

However, Apollo maintains that "Cooper has been unwilling to work constructively to complete a transaction that would have created value for both companies and their shareholders, " despite exhaustive efforts made by Apollo.

The company also said that, "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 is now planning to pursue legal remedies for Cooper's detrimental conduct.