Cooper Claims Union Deal, Apollo Says Not So Fast - Tire Review Magazine

Cooper Claims Union Deal, Apollo Says Not So Fast

Cooper Tire & Rubber Co. claims it has reached an agreement with the USW regarding its planned sale to Apollo Tyre Co., and is now pressing Apollo to sign off on that deal and proceed with the $2.5 billion acquisition.

Just days away from Cooperv. Apollo reaching a Delaware courtroom, Cooper Tire & Rubber Co. claims ithas reached an agreement with the USW regarding its planned sale to Apollo TyreCo., and is now pressing Apollo to sign off on that deal and proceed with the $2.5 billion acquisition.

In order to complete itsdeal for Cooper, Apollo was required to work out new contracts with the USW atCooper plants in Findlay, Ohio, and Texarkana, Ark., per a successor clause inCooper’s master contract with the union. This situation and on-going problemswith Cooper’s joint venture tire plant partner in China were points of concernfor Apollo, leading to Cooper filing suite on Oct. 4 to force the acquisitiondeal to be consummated.

Now is appears Cooper workedout a new contract with the union.

Apollo is calling the “deal”a “last-minute stunt,” and has refused to move forward on the acquisition. Inpapers filed this morning in Delaware Chancery Court in Wilmington, Del.,Apollo said it “objects to this last-minute hijack of this expedited litigation.”Apollo attorney Christopher Lyons told the court that Cooper was “attempting toinsert an entirely new set of issues into the case before the Nov. 5 trial,”according to a Bloomberg report.

“Apollo is currently usingits best efforts to delay the transaction, is adding conditions to closing notfound in the merger agreement, and is deliberately preventing the merger fromclosing,” Cooper attorney John Sensing said in the filing, according toBloomberg.

Cooper claims that Apollo “shouldbe compelled to consent to the new agreement reached with the UnitedSteelworkers on Oct. 30 and then be required to consummate the merger,” thereport said.

A three-day trial to hearthat suit is scheduled for Nov. 5-7 in Delaware Chancery Court.

You May Also Like

RNR Tire Express to give away NASCAR tickets for Father’s Day promotion

The RNR team will be taking submissions until midnight on Sunday, June 16.

RNR Tire Express

For this year's Father's Day promotion, RNR Tire Express is offering one dad and his family an all-expenses paid trip to a NASCAR race that includes "premium" tickets, pit passes, travel accommodations, a driver meet-and-greet with photos, food, drinks and more.

This year’s giveaway will feature all 195 franchise locations across the country. To submit a nomination, visit the Father’s Day in the Fast Lane Giveaway website, where the RNR team will take submissions until midnight on Sunday, June 16, with the grand prize recipient named the following day.

CMA, Double Coin launch dealer portal

This platform provides real-time information and navigation tools for CMA customers to access information and place orders.

CMA_Dealer-Portal
Goodyear names Nicole Gray SVP and chief HR officer

The company also announced Gary VanderLind, senior VP and chief human resources officer, will retire July 1.

Goodyear-Nicole-Gray
Former Firestone executive and grandson of Harvey S. Firestone dies in Maryland

Following service in the U. S. Army, Kimball Firestone joined The Firestone Tire & Rubber Company in 1964 in Akron.

Kimball-C.-Firestone-1400
Continental Tire to rebate customers up to $200 on qualifying tires

Qualifying tires include the ExtremeContact Sport02, ExtremeContact DWS06 Plus and more all-season touring tires.

Other Posts

Over half of drivers say they would delay driving in bad weather

Driving in bad weather is the top challenge for drivers (25%), followed by driving in unfamiliar places (17%) and changing a flat tire (15%).

Stock-Hankook-Gauge-Index-incliment-weather
Schaeffler launches Fun-in-the Sun 10K follower Facebook giveaway

The Fun-in-the-Sun promotional giveaway items include a Weber Grilling Kit, Yeti cooler, JBL speaker and Ray-Ban Aviators.

Schaeffler-giveaway
Michelin North America names Matthew Cabe as new president, CEO

He succeeds Alexis Garcin, whose next position within Michelin will be announced later.

Michelin-Matthew-Cabe
Schaeffler releases TorCon 6L80 Torque Converter

The TorCon 6L80 (TC0017 24247371) is compatible with 2007-2020 GM trucks, vans and SUVs with a 5.3L, with a current VIO of 6,211,856.

schaeffler-torque-converter