Cooper loses court bid to rescue Apollo merger as deadline looms

(Reuters) – Cooper Tire & Rubber Co’s (CTB) efforts to force India’s Apollo Tyres Ltd (NSI:APOLLOTYRE) to complete its proposed acquisition of the U.S. company for $2.3 billion received another legal setback, paving the way for the Indian company to walk away from the deal. The Delaware Supreme Court on Monday dismissed Cooper’s appeal against an earlier lower court ruling that Apollo was meeting its obligations to reach new contract terms with unions at Cooper plants in Ohio and Texas. Cooper wanted the Delaware Supreme Court to overturn a ruling by a judge on the lower Court of Chancery who found last month that Apollo had not breached its obligations under the terms of the deal. “We are pleased by the decision of the Delaware Supreme Court today, which did more than dismiss Cooper’s appeal;

    

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