There is absolutely no problem with Cooper Tire balance sheet nor any problem with its balance sheet trends.
This company should immediately can this takeover attempt using legal means to do so. It should NOT proceed with any agreement with Apollo that provides less than the price on which shareholders voted. China and perhaps others will be quite interested in a better offer (major tire companies in Japan, Europe and USA may as well). CTB has put itself on the market which opens up a world of better offers.