Apollo Tyres Ltd and Cooper Tire & Rubber Co had engaged in an argument pn Sunday that revolved around the pricing of the deal. The acquisition of Cooper by Apollo had already been plagued by labor issues in the US and China.
India-based Apollo said anticipated costs of the acquisition deal might be significant in nature, that it had implied it wanted Cooper to reconsider the price. In its statement late Sunday, Apollo said, "Cooper has acknowledged to Apollo that some price reduction is warranted. The issue now is by how much."
Cooper, on the other hand, insisted that price changes would not be warranted. "Cooper has not agreed that a reduction in share price is warranted," it said in its response on Sunday as well.
The initial agreement would have shareholders of Cooper receiving USD35 per share. The share price would be a 40% premium prior to the acquisition announcement, which would value the deal at USD2.5 billion.
Cooper said on Friday it had filed a complaint in the US to force Apollo in finalizing the deal on time.
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