DOVER, Del.Apollo Tyres Ltd. and Cooper Tire & Rubber Co. have decided to give up their claims and counterclaims for breakup fees pertaining to the firms' failed merger in 2013.
Apollo said it was pleased with the development, which 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.
Cooper also said it is pleased to have this litigation behind it as it moves forward with a focus on its customers and growing its business around the world.
Cooper noted that neither company will pursue any further claims against the other related to the former merger agreement.
The companies waived their claims in an order issued by the Delaware Chancery Court Dec. 17.
According to a statement by Apollo, Cooper has expressly given up all its claims against Apollo in dismissing the case filed in late 2013 in the Delaware Chancery Court. In that suit, Cooper had claimed Apollo owed it $112 million in breakup fees.
Apollo noted Cooper's decision comes after Judge Glasscock ruled in late October that Cooper had not satisfied the closing conditions of the deal and therefore the breakup fee terms were negated.
Apollo went on to say it will now pursue its organic growth projects in Eastern Europe and elsewhere without any overhang of the legal process in the United States.