Delaware Court dismisses case against Apollo Tyre

qiangzi

Friday, January 2, 2015
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Cochin, India - Apollo Tyre released the following statement with regards to Cooper Tire suit. “Pursuant to the ruling by Vice Chancellor Glasscock on October 31, 2014 that Apollo was not in breach of any of its obligations under the Merger Agreement, Apollo Tyres is pleased with last week’s final dismissal of the Delaware litigation filed by Cooper Tire and Rubber against Apollo whereby Cooper has expressly given up all its claims against Apollo, thus vindicating Apollo’s case. This brings to a conclusion all the legal action that had been initiated against Apollo, which had consistently and diligently attempted to resolve all the issues that came up, to close the deal as per agreement. Apollo Tyres will now pursue its organic growth projects in Eastern Europe and elsewhere without any overhang of the legal process in the United States.”