Cooper Tire shareholder files suit to block sale to Apollo Tyres

Article by Anita Panait, on June 24, 2013

The Booth Family Trust has filed a lawsuit aimed at blocking the sale of Cooper Tire & Rubber Co. to Apollo Tyres Ltd. for $2.5 billion. The trust is a shareholder at Cooper Tire. The Booth Family Trust claims that Apollo Tyres’ per share offer of $35 is too low. In a filing with Delaware Chancery Court in Wilmington, the trust said Cooper Tire’s directors have an obligation to get the best possible price, noting that the proposed transaction is “the result of an unfair process” and “was negotiated and entered into in bad faith.”

Findlay, Ohio-based Cooper Tire disclosed on June 12 it would be acquired by Gurgaon, India-based Apollo to expand operations around the world. The case is Booth Family Trust v. Cooper Tire & Rubber Co., CA8668, Delaware Chancery Court (Wilmington). Bloomberg tried to seek Cooper Tire’s side of the story, but company spokeswoman Anne L. Roman replied in an e-mail that the company doesn’t comment on litigation. [source: automotive news - sub. required]

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