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Apollo Seeks to Cut Cooper Bid

U.S. and Chinese workers have challenged takeover plan.

By Siddharth Philip, Bloomberg | Updated on October 07, 2013

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.

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