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October 10, 2013 02:00 AM

Delaware Court to expedite Cooper-Apollo hearing

Rubber & Plastics News Report
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    FINDLAY, Ohio—Cooper Tire & Rubber Co. said the Delaware Chancery Court has agreed to the tire maker's request for an expedited hearing of its complaint against Apollo Tyres Ltd. over the proposed purchase of the Findlay company.

    Cooper sued Apollo Oct. 4, charging the Indian tire maker wants to cut its $35 a share offer for the U.S. firm by as much as $9 a share.

    "The strategic rationale for the pending merger with Apollo Tyres remains compelling and we believe it will create value for all stakeholders. We look forward to closing the pending merger as soon as possible," Cooper said in a statement.

    The court plans to hear the case in early November, Cooper said.

    Related Articles
    Court to hear Cooper's case against Apollo on Nov. 5
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