The proposed $2.5 billion takeover deal between Copper Tire and Rubber Company (NYSE: CTB) and India’s Apollo Tyres is in trouble. The management from both companies got involved in some heated arguments over the price issue over the weekend. After the deal received an approval from Cooper’s shareholders few days ago, some labor related issues have cropped up, which might delay the transaction. Apollo believes that sorting labor related issues at Cooper’s china facility and the U.S., result in substantial costs. Hence, the Indian tire company feels that a price cut is warranted. However, Cooper disagrees with the contention. Meanwhile, Cooper has also filed a case against Apollo in the U.S. court on Friday, urging the court to force Apollo complete the deal in a timely manner.
Tag: CTB
Major Movers on June 12; CTB, ULTA, GIMO, RMBS, HPQ
Shares of Cooper Tire & Rubber Company (NYSE: CTB) catapulted about 40% by afternoon trade after the Ohio based Company received a buyout bid of $2.5 billion from an Indian tire manufacturer Apollo Tiers. Apollo has agreed to pay $35 in cash, which implies 42.5% premium over the Tuesday’s closing stock price. Continue reading Major Movers on June 12; CTB, ULTA, GIMO, RMBS, HPQ
Major Gainers and Losers in Early Trading on October 11; S, SWY, WGO, SWC, CTB
Shares of Sprint Nextel Corporation (NYSE: S), the No. 3 U.S. wireless carrier, are seeing a huge rally in trading today. At last check, Sprint shares were trading 14.09% higher at $5.75 on above average volume of 92.14 million. The stock hit a 52-week high of $5.98 in trading today.
Continue reading Major Gainers and Losers in Early Trading on October 11; S, SWY, WGO, SWC, CTB