Apollo Tyres Ltd. (APTY) didn’t breach its obligations to try to resolve disputes with a U.S. labor union in its stalled acquisition of Cooper Tire & Rubber Co.
Apollo had cited labor disputes at Cooper as a reason for asking to lower the price of the deal. Cooper accused Apollo of intentionally delaying the transaction.
“There’s no evidence that Apollo acted in bad faith” in trying to negotiate a contract with the United Steelworkers Union, Delaware Chancery Court Judge Sam Glasscock III said today after closing arguments in Georgetown, Delaware.
Glasscock said he would try to rule on the main issue -- whether Apollo must complete the buyout of Cooper -- by Nov. 13, the date after which Apollo’s financing may be in jeopardy.
The hearing is continuing.
The case is Cooper Tire & Rubber Co. (CTB:US) v. Apollo Holdings Pvt Ltd., CA8980, Delaware Chancery Court (Wilmington).
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