Apollo Tyres Ltd. is seeking to cut its $2.5 billion offer to buy Cooper Tire & Rubber Co. after U.S. and Chinese workers challenged the takeover plan. The shares of Apollo rose.
Apollo said Cooper acknowledged the $35-a-share offer should be reduced and that "the issue now is by how much," Gurgaon, India-based Apollo said in a statement yesterday. Findlay, Ohio-based Cooper denied it agreed to any need to cut the price.
Talks to complete the largest acquisition by an Indian company in North America are souring amid opposition from U.S. and Chinese workers. Apollo has said it would plan to partly fund the purchase through a $1.88 billion sale of high-yield bonds issued by Cooper and a $450 million bridge loan.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
