The dispute between Cooper Tire & Rubber Co and Apollo Tyres Ltd over the USD2.5 billion buyout will now be heard by a judge starting today. The non-jury trial would be held at the Delaware Chancery Court as no settlement or compromise in the horizon.
The case would be heard in the courtroom of Judge Sam Glasscock III, who initially granted fast-track status on the case. He would have to decide on whether it would grant the request of Cooper in requiring assent from Apollo as to the labor agreement finalized last week. Accrording to Cooper, the said labor agreement had mooted many of the objections of Apollo over the transaction. In response, the said deal was called 'illusory' by Apollo and accused Cooper of attempting to 'hijack' the case.
The completion of the largest acquisition done by an Indian company of a North American one went south due to opposition made by both workers in the United States and China. Apollo, for its part, sought to lower its offer from a high of USD35 per share to USD9 per day. They had attributed the price change to labor issues besetting the company.
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