GURGAON, India--(BUSINESS WIRE)--Apollo Tyres Ltd (NSE: ApolloTYRE) today issued the following statement in response to the announcement from Cooper Tire & Rubber Company (NYSE: CTB) that it has terminated the Merger Agreement with Apollo announced on June 12, 2013:
“Apollo is disappointed that Cooper has prematurely attempted to terminate our Merger Agreement. While Cooper’s lack of control over its largest subsidiary and inability to meet its legal and contractual financial reporting obligations has considerably complicated the situation, Apollo has made exhaustive efforts to find a sensible way forward over the last several months, however, Cooper has been unwilling to work constructively to complete a transaction that would have created value for both companies and their shareholders. Cooper's actions leave Apollo no choice but to pursue legal remedies for Cooper's detrimental conduct.
“Importantly, Apollo has many other compelling growth opportunities around the world that we are continuing to pursue. Our business is performing well – as evidenced by the strong top and bottom line results we reported last quarter – and we remain focused on executing our standalone strategic plan to maximize value for Apollo’s shareholders. We are confident that Apollo is well-positioned for continued success.”
About Apollo Tyres Ltd
Apollo Tyres Ltd is a high-performance tire manufacturer headquartered in India. It is built around the core principles of creating stakeholder value through reliability in its products and dependability in its relationships. The company has manufacturing units in India, the Netherlands, and South Africa and exports its products around the world. In each of its markets the company operates through a vast network of branded, exclusive and multi-product outlets.
This release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not based on historical facts but instead reflect Apollo's expectations, estimates or projections concerning future results or events. These statements generally can be identified by the use of forward-looking words or phrases such as "believe," "expect," "anticipate," "project," "may," "could," "intend," "intent," "belief," "desire," "estimate," "plan," "likely," "will," "should" or similar words or phrases. These statements are not guarantees of performance and are inherently subject to known and unknown risks, uncertainties and assumptions that are difficult to predict and could cause actual results, performance or achievements to differ materially from those expressed or indicated by those statements. We cannot assure you that any of our expectations, estimates or projections will be achieved.