On Dec. 16, Cooper Tire & Rubber Co. agreed to drop a lawsuit filed in the Delaware state court that sought to extract a $112 million breakup fee from Apollo Tyres Ltd. Apollo also agreed to drop its counterclaims.
“Each party shall bear its own costs and fees,” said the dismissal notice, approved by Delaware Chancery Court Judge Sam Glasscock III.
Neither party will pursue any further claims against each other, according to statements from both tiremakers.
In October, Glasscock ruled that Cooper failed to honor terms of a buyout agreement in the $2.5 billion sale of the U.S. tiremaker.
Both Cooper and Apollo said they are “pleased” with the dismissal of the case in formal statements.
“This brings to a conclusion all the legal action that had been initiated against Apollo, which had consistently and diligently attempted to resolve all the issues that came up, to close the deal as per agreement,” Apollo said in a statement. The tiremaker said it will now pursue other organic growth projects in Eastern Europe.
“Cooper is pleased to have this litigation behind us as we continue to move forward with a focus on our customers and growing our business around the world,” according to a Cooper spokesperson.
