Tire & Rubber Company has announced it has terminated the merger agreement
with Apollo Tyres. “It is time to move our business forward,” said Cooper
Chairman, Chief Executive Officer and President Roy Armes. “While the strategic
rationale for a business combination with Apollo is compelling, it is clear
that the merger agreement both companies signed on June 12 will not be
consummated by Apollo and we have been notified that financing for the
transaction is no longer available. The right thing for Cooper now is to focus
on continuing to build our business.”
business model is strong, and despite the challenges this year, we are coming
off record operating profit through the first half of the year and expect to
continue to be profitable for the second half, ending the year with a strong
balance sheet. We look forward to continuing to execute on our strategy in
2014, and we have a very strong base from which to do this—brands that are
respected for quality, a loyal customer base, a flexible global network of
manufacturing facilities, a skilled workforce, and top technical capabilities,”
the situation at Cooper Chengshan Tire (CCT) in Rongcheng, China is our top
priority in the near term. The issues at CCT were driven by the merger
agreement, and with the agreement now terminated, Cooper is working
independently to restore normal operations at CCT, including obtaining the
information needed for Cooper to resume regular financial reporting as soon as
possible. Once the situation at CCT is resolved and regular financial reporting
has resumed, Cooper will be in a position to address additional options for the
deployment of capital targeted at returning value for our stockholders,” he
Cooper believes Apollo has breached the merger agreement, and we will continue
to pursue the legal steps necessary to protect the interests of our company and
our stockholders, our focus will be squarely on our business and moving it
forward,” he concluded.
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