The Delaware Supreme Court on Monday dismissed Cooper's appeal against an earlier lower court ruling that Apollo was meeting its obligations to reach new contract terms with unions at Cooper plants in Ohio and Texas. With the latest court ruling, which came three days before it was due to be delivered, the Findlay, Ohio-based company has only a slim chance to keep Apollo from walking away from the long-pending and contentious deal.
Apollo, which would become the world's seventh-biggest tire maker if the deal is completed, wants to pay less than the $35 per share agreed in June because of demands by unions at Cooper plants and disruptions at Cooper's venture in China. Cooper wanted the Delaware Supreme Court to overturn a ruling by a judge on the lower Court of Chancery who found last month that Apollo had not breached its obligations under the terms of the deal.
"We are pleased by the decision of the Delaware SC, which did more than dismiss Cooper's appeal; the court decided the appeal was improvidently granted in the first place," Apollo said in a statement on Tuesday. "Cooper's litigation strategy to date has done nothing but generate unnecessary cost for its shareholders and for Apollo, and compound the obstacles that Cooper's situation has created for this merger," the Indian company said.
via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE6bG2ypQTBwo6Sh83gKJIrBcO9nQ&url=http://timesofindia.indiatimes.com/business/india-business/Cooper-loses-plea-over-Apollo-merger/articleshow/27547291.cms
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