Apollo says price reduction in Cooper Tire deal 'warranted' Apollo Tyre issued a statement in response to the complaint filed by Cooper Tire & Rubber with the Delaware Court of Chancery. The statement read in part, "Apollo remains firmly of the belief that a merger with Cooper is compelling from a strategic perspective. Contrary to Cooper’s complaint, we have been working diligently to address significant post-announcement impediments. “We continue to have committed financing from four major international banks and are ready to launch our financing, subject to reaching agreement with the USW, which is a requirement before Cooper can close under the September 13 arbitration ruling. Additionally, Apollo has asked Cooper to confirm that Cooper has sufficient control over and access to its majority-owned subsidiary in China to permit it to deliver current consolidated financial information and auditors’ comfort letters and that Cooper is in compliance with covenants and representations in the merger agreement. To date, Cooper has been unable or unwilling to provide these confirmations...Apollo feels that some price reduction is warranted. The issue now is by how much."
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