Now it's Apollo's turn. Following the Oct. 9, 2013, decision by the Delaware Chancery Court, Cooper Tire & Rubber Co. was pleased.
And why not? The court ruled in favor of Cooper's request for an expedited hearing of its October 4, 2013, complaint against Apollo Tyres Ltd. and its subsidiaries.
In an official statement, Apollo had this to say about the ruling.
“We continue to believe strongly in the strategic rationale of the combination and, with actuarial advisers, are working as quickly as possible to assess the potential costs of a mutually acceptable agreement with the USW. We strongly disagree with the allegations and characterizations that Cooper made in its complaint and look forward to making our case before the Delaware court.”
The case is scheduled to be heard in November.
As part of its original complaint, Cooper claimed that among other matters, Apollo was seeking to delay an agreement with the USW (United Steelworkers). The USW represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Ark.
In response to the original complaint, Apollo claimed that Cooper's actions, or inactions, as the case may be, were the reason the deal isn't getting done faster.
To read about what the companies are saying about each other, check out the following links: