Today, Cooper Tire & Rubber Company (NYSE: CTB) issued the following statement regarding the pending merger with Apollo Tyres (NSE: ApolloTYRE).
“Cooper, in its filing on Friday, October 4, is acting in the best interests of its stockholders, who overwhelmingly approved the pending merger with Apollo for $35 per share. As outlined in the complaint, Cooper rejected Apollo’s efforts to obtain a reduction in share price. Cooper does not agree that any such reduction is warranted.
“We are pleased that Apollo shares Cooper’s commitment to the strategic merits of the transaction. The situations with the United Steelworkers (USW) and the joint venture partner and union in China are a direct result of the merger agreement, and are risks Apollo assumed under the merger agreement. The situation with the USW can be resolved in a timely manner, and we ask that Apollo proceed expeditiously toward resolution, working with Cooper. With respect to China, Cooper explained in the complaint filed on October 4, and in an earlier proxy statement, that the company has been prevented by the joint venture partner and union access to certain operational and financial information. We continue to work toward resolving the issues in China through communication with the workers, union and the joint venture partner. Cooper looks forward to closing this compelling transaction, which will provide multiple benefits to both organizations, their employees, customers and communities.”
About Cooper Tire & Rubber Company
Cooper Tire & Rubber Company is the parent company of a global family of companies that specialize in the design, manufacture, marketing, and sales of passenger car and light truck tires. Cooper has joint ventures, affiliates and subsidiaries that also specialize in medium truck, motorcycle and racing tires. Cooper's headquarters is in Findlay, Ohio, with manufacturing, sales, distribution, technical and design facilities within its family of companies located in 11 countries around the world. For more information on Cooper Tire, visit
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