Cooper Tire Requests Final Court Ruling on Apollo Takeover

Cooper Tire & Rubber Co. has appealed to the Delaware Supreme Court to rule by Dec. 31 on the company's proposed $2.5 billion sale to India's Apollo Tyres Ltd.

Last month Cooper asked a lower court to force the buyout, which had an Oct. 4 deadline. But the court refused, saying some details of the agreement remain unsettled.

Cooper's appeal claims that Apollo is on the verge of losing its financing for the deal and appears likely to terminate the merger.

The original sale, announced in June, valued Cooper at $35 per share. But Apollo requested a $9-per-share discount because of labor issues involving two Cooper factories in the U.S. and the refusal of Cooper's partner in China to provide financial data about the venture.