Apollo Tyres Ltd. is seeking to cut its $2.5 billion offer to buy Cooper Tire & Rubber Co. after U.S. and Chinese workers challenged the takeover plan. The shares of Apollo rose.
Apollo said Cooper acknowledged the $35-a-share offer should be reduced and that "the issue now is by how much," Gurgaon, India-based Apollo said in a statement yesterday. Findlay, Ohio-based Cooper denied it agreed to any need to cut the price.
Talks to complete the largest acquisition by an Indian company in North America are souring amid opposition from U.S. and Chinese workers. Apollo has said it would plan to partly fund the purchase through a $1.88 billion sale of high-yield bonds issued by Cooper and a $450 million bridge loan.
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