New Delhi : Homegrown tyre major Apollo Tyres said Delaware Supreme Court has ruled in its favour in its ongoing spat with US-based Cooper Tire over their proposed $2.5-billion merger pact.
Under the partial ruling of the lower court, Cooper and Apollo were required "to continue to perform their obligations under the merger agreement" till December 31, 2013, the date through which the agreement remains in effect.
After surging 8.79% to Rs 92.20 on the BSE in intra-day trade, the scrip finally ended at Rs 86.70, up 2.30%.
On November 12, pushing for an early completion of their merger deal, Cooper Tire & Rubber Co had filed with the Delaware Supreme Court an appeal against the partial ruling on November 8, 2013 by Delaware Chancery Court.
Stressing that the company continued to believe in the merits of the combination with Cooper, Apollo said: "Notwithstanding Cooper's stated aim to continue to pursue its misguided legal claims, (Apollo) is committed to finding a sensible way forward, if possible."
via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEkCw4BRVsO-rAx12o_UHM-4y66LQ&url=http://freepressjournal.in/apollo-claims-victory-over-cooper-tire-in-acquisition-spat/
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