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Cooper Tire & Rubber Co. Message Board

  • getintoh20 getintoh20 Dec 30, 2013 10:38 AM Flag

    Apollo Will Pursue Legal Remedies against CBT

    Talk about adding insult to injury. CTB management sucks! unions sucks!!!
    Apollo Tyres issued the following statement with respect to Cooper Tire & Rubber Co. (NYSE: CTB) terminating the merger agreement between the two companies today:

    “Apollo is disappointed that Cooper has prematurely attempted to terminate our Merger Agreement. While Cooper’s lack of control over its largest subsidiary and inability to meet its legal and contractual financial reporting obligations has considerably complicated the situation, Apollo has made exhaustive efforts to find a sensible way forward over the last several months, however, Cooper has been unwilling to work constructively to complete a transaction that would have created value for both companies and their shareholders. Cooper's actions leave Apollo no choice but to pursue legal remedies for Cooper's detrimental conduct.

    ‘Importantly, Apollo has many other compelling growth opportunities around the world that we are continuing to pursue. Our business is performing well – as evidenced by the strong top and bottom line results we reported last quarter – and we remain focused on executing our standalone strategic plan to maximize value for Apollo’s shareholders. We are confident that Apollo is well-positioned for continued success.’

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    • why did you get a "thumbs down" for stating non- fictional truths about incompetent ctb management? Disclosure: I own 3...shares of ctb @avg 27
      ctb shares might be close to 30 by late 3rd qtr. most of the bad news was already accounted for in stock price. china issue could be resolved by chinese new year.

      Sentiment: Hold

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