By Dennis Seid
The Cooper Tire-Apollo Tyre merger gets more interesting by the minute.
Over the weekend, the Delaware Chancery Judge reviewing Cooper’s lawsuit asking him to force Apollo to speed up its $2.5 billion merger said Cooper is the party that hasn’t met merger conditions yet.
Cooper said Apollo is dragging its feet on the merger, which originally was scheduled to close in October. On Friday, the judge said Apollo did not breach its obligations in dealing with the United Steelworkers union, a charge Cooper made.
But in another twist to the story, Judge Sam Glasscock III said Cooper isn’t yet entitled to Apollo’s original $35-per-share offer.
According to Businessweek, Glasscock said “Cooper has failed to demonstrate a present entitlement to specific performance.”
This morning, Cooper said it was appealing the ruling and issued a statement. It said, in part, “Cooper believes that, with all due respect to the Vice Chancellor and the Court, the November 8 ruling misconstrues the contract between Cooper and Apollo. We are seeking a reversal of the ruling from the Delaware Supreme Court.”