Cooper Tire trying to push Apollo into deal - 13abc.com Toledo (OH) News, Weather and Sports

Cooper Tire trying to push Apollo into deal

Posted: Updated:

Cooper Tire & Rubber Co. filed a complaint in Delaware Chancery Court on Friday asking that Apollo Tyres Ltd. be required to quickly close on their pending deal.
    
Investors appeared to take the move as a sign the deal is in jeopardy. Cooper's stock fell $3.56, or 12 percent, to $25.95 in extended trading following the announcement. They fell almost 6 percent in Friday's regular trading session.
    
Apollo Tyres, based in India, announced in June it was buying Cooper for $35 a share, or about $2.2 billion. The deal was approved by boards of both companies and later by Cooper shareholders.
    
The deal, however, has been delayed by union talks.
    
Cooper is asking the court to compel Apollo to take actions so that the deal can close. The complaint says that Apollo is delaying reaching agreements with the United Steelworkers, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Ark.
    
An arbitrator ruled last month that Cooper and Apollo must enter into new agreements with the union prior to closing. By delaying resolution with the union, Cooper argues that Apollo is breaching its contractual agreement.
    
Cooper is based in Findlay but incorporated in Delaware.
    
Cooper CEO, President and Chairman Roy Armes said that the company has an obligation to protect the rights of its stockholders, who voted overwhelmingly in favor of the merger.
    
"Apollo is an outstanding company," Armes said in a statement, but he added that the complaint is a necessary step to assure the terms of the agreement are met.
    
A representative for Apollo could not be reached immediately for comment.
    
The deal would create the seventh-largest tire company in the world.

  • LocalMore>>

  • 2 students arrested for threats at Tecumseh HS

    2 students arrested for threats at Tecumseh HS

    Tuesday, September 16 2014 11:05 PM EDT2014-09-17 03:05:23 GMT
    Sex Offender Round-UpSex Offender Round-Up
    Two students have been arrested in connection to threats made against Tecumseh High School. Police say investigators have also searched their homes for evidence. The investigation is still ongoing, however police say they have determined the students were never going to carry out the threat. The Lenawee County prosecutor's office tells us at least one of the suspects is 16 years old.
    Two students have been arrested in connection to threats made against Tecumseh High School. Police say investigators have also searched their homes for evidence. The investigation is still ongoing, however police say they have determined the students were never going to carry out the threat. The Lenawee County prosecutor's office tells us at least one of the suspects is 16 years old.
  • Wild ride ends in North Toledo with wreck, police wagon hit

    Wild ride ends in North Toledo with wreck, police wagon hit

    Tuesday, September 16 2014 11:03 PM EDT2014-09-17 03:03:53 GMT
    A wild ride in Toledo's north end Tuesday night as one police vehicle is damaged, one a car runs off the road into a yard and finally an arrest.That driver ended up in handcuffs now after losing control on Manhattan near Lagrange minutes earlier, fishtailing, jumping the curbing. 
    A wild ride in Toledo's north end Tuesday night as one police vehicle is damaged, one a car runs off the road into a yard and finally an arrest.That driver ended up in handcuffs now after losing control on Manhattan near Lagrange minutes earlier, fishtailing, jumping the curbing. 
  • Support at Perrysburg meeting for public restrooms, but not roundabout

    Support at Perrysburg meeting for public restrooms, but not roundabout

    Tuesday, September 16 2014 10:06 PM EDT2014-09-17 02:06:22 GMT
    Once again, dozens of Perrysburg-ians packed council chambers voicing opposition to the mayor's proposed $2.3 million downtown renovation plan.
    Once again, dozens of Perrysburg-ians packed council chambers voicing opposition to the mayor's proposed $2.3 million downtown renovation plan.

  • RegionalMore>>

  • School bus driver killed during safety drill

    School bus driver killed during safety drill

    Tuesday, September 16 2014 1:49 PM EDT2014-09-16 17:49:20 GMT
    Police say a school bus driver for a private transportation company was killed when the bus rolled over her during an evacuation drill outside an Akron charter school. A police spokesman says the 51-year-old driver sacrificed her life to save a 10-year-old girl who was about to jump out of the emergency exit at the back of the bus Tuesday morning.
    Police say a school bus driver for a private transportation company was killed when the bus rolled over her during an evacuation drill outside an Akron charter school. A police spokesman says the 51-year-old driver sacrificed her life to save a 10-year-old girl who was about to jump out of the emergency exit at the back of the bus Tuesday morning.
  • Make your big-screen debut, Batman-style

    Make your big-screen debut, Batman-style

    Tuesday, September 16 2014 1:22 PM EDT2014-09-16 17:22:22 GMT
    You might be able to make your big-screen appearance superhero-style.A message on the Michigan Film Office's website is calling for extras to star in a Warner Brothers film, and most industry experts say it's for the film "Batman v. Superman."In a posting on its website, Warner Bros. says it will film Oct. 16 and 17 in Lansing. The film is being shot in and around Detroit.The British website Casting Talent s ays the call is definitely for "Batman v. Superman," which is due for release in 2016...
    You might be able to make your big-screen appearance superhero-style.A message on the Michigan Film Office's website is calling for extras to star in a Warner Brothers film, and most industry experts say it's for the film "Batman v. Superman."In a posting on its website, Warner Bros. says it will film Oct. 16 and 17 in Lansing. The film is being shot in and around Detroit.The British website Casting Talent s ays the call is definitely for "Batman v. Superman," which is due for release in 2016...
  • U. of Michigan plans $168M athletic facility

    U. of Michigan plans $168M athletic facility

    The University of Michigan wants to build a $168 million multi-use facility for its Division I Olympic sports, including track, tennis, cross country, rowing, soccer and lacrosse.
    The University of Michigan wants to build a $168 million multi-use facility for its Division I Olympic sports, including track, tennis, cross country, rowing, soccer and lacrosse.
  • Top StoriesMore>>

  • Wild ride ends in North Toledo with wreck, police wagon hit

    Wild ride ends in North Toledo with wreck, police wagon hit

    Tuesday, September 16 2014 11:03 PM EDT2014-09-17 03:03:53 GMT
    A wild ride in Toledo's north end Tuesday night as one police vehicle is damaged, one a car runs off the road into a yard and finally an arrest.That driver ended up in handcuffs now after losing control on Manhattan near Lagrange minutes earlier, fishtailing, jumping the curbing. 
    A wild ride in Toledo's north end Tuesday night as one police vehicle is damaged, one a car runs off the road into a yard and finally an arrest.That driver ended up in handcuffs now after losing control on Manhattan near Lagrange minutes earlier, fishtailing, jumping the curbing. 
  • 2 students arrested for threats at Tecumseh HS

    2 students arrested for threats at Tecumseh HS

    Tuesday, September 16 2014 11:05 PM EDT2014-09-17 03:05:23 GMT
    Sex Offender Round-UpSex Offender Round-Up
    Two students have been arrested in connection to threats made against Tecumseh High School. Police say investigators have also searched their homes for evidence. The investigation is still ongoing, however police say they have determined the students were never going to carry out the threat. The Lenawee County prosecutor's office tells us at least one of the suspects is 16 years old.
    Two students have been arrested in connection to threats made against Tecumseh High School. Police say investigators have also searched their homes for evidence. The investigation is still ongoing, however police say they have determined the students were never going to carry out the threat. The Lenawee County prosecutor's office tells us at least one of the suspects is 16 years old.
  • Support at Perrysburg meeting for public restrooms, but not roundabout

    Support at Perrysburg meeting for public restrooms, but not roundabout

    Tuesday, September 16 2014 10:06 PM EDT2014-09-17 02:06:22 GMT
    Once again, dozens of Perrysburg-ians packed council chambers voicing opposition to the mayor's proposed $2.3 million downtown renovation plan.
    Once again, dozens of Perrysburg-ians packed council chambers voicing opposition to the mayor's proposed $2.3 million downtown renovation plan.

Area Events Calendar

See It, Shoot It, Send It!