US based Cooper Tire’s announcement made on December 30, 2013 that it was
terminating its deal with Onkar Kanwar controlled Apollo Tyres, the Indian tyre
major has said in a statement that it is “disappointed that Cooper had
prematurely attempted to terminate the merger agreement”. The company also
hinted at taking legal recourse to Cooper’s “detrimental conduct”.
note signed by P N Wahal, Company Secretary, Apollo Tyres to the Mumbai Stock
Exchange said, “While Cooper’s lack of control over its largest Chinese
subsidiary, Cooper Chengshan Tire Company and inability to meet its legal and
contractual financial reporting obligations has considerably complicated the
situation. Apollo has made exhaustive efforts to find a sensible way forward
over the last several months, however, Cooper has been unwilling to work
constructively to complete a transaction that would have created value for both
companies and their shareholders. Cooper’s actions leave Apollo no choice but
to pursue legal remedies for Cooper’s detrimental conduct.”
statement further noted, “Importantly, Apollo has made many other compelling
growth opportunities around the world that we are continuing to pursue. Our
business is performing well—as evidenced by the strong top and bottom line
results we reported last quarter--- and we remain focussed on executing our
standalone strategic plan to maximise value for Apollo’s shareholders. We are
confident that Apollo is well positioned for continued success”.
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