Apollo Tyres today said the judgement of a US court in its favour in the Cooper Tire deal has vindicates its stand that they made exhaustive efforts to complete the deal but US tire manufacturer failed to comply with its contractual obligations.
"We are pleased by the decision of Delaware Vice Chancellor, Glasscock. This ruling vindicates our consistent stand that even as Apollo Tyres made exhaustive efforts to complete the deal, Cooper failed to comply with its contractual obligations because it was unable to control its largest subsidiary," Apollo said in a statement.
This led to hastily litigate and ultimately led to the failure of a transaction that would have benefited Apollo and Cooper's shareholders, it added.
Delaware Chancery Court Judge Sam Glasscock III in its judgement had said Cooper failed to comply with its contractual obligations.
On December 31, 2013, Cooper Tire & Rubber Co terminated USD 2.5-billion merger agreement with the Indian firm.
In June last year, Apollo had announced it will acquire Cooper Tire & Rubber Co in an all-cash transaction valued at around USD 2.5 billion (nearly Rs 14,500 crore) and the merged entity was billed to become the seventh largest tyre maker in the world.
