FINDLAY, Ohio (AP) — Cooper Tire & Rubber Co. filed a complaint in Delaware Chancery Court on Friday asking that Apollo Tyres Ltd. be required to quickly close on their pending deal.
Investors appeared to take the move as a sign the deal is in jeopardy. Cooper's stock fell $3.56, or 12 percent, to $25.95 in extended trading following the announcement. They fell almost 6 percent in Friday's regular trading session.
Apollo Tyres, based in India, announced in June it was buying Cooper for $35 a share, or about $2.2 billion. The deal was approved by boards of both companies and later by Cooper shareholders.
The deal, however, has been delayed by union talks.
Cooper is asking the court to compel Apollo to take actions so that the deal can close. The complaint says that Apollo is delaying reaching agreements with the United Steelworkers, which represents Cooper employees at facilities in Findlay, Ohio, and Texarkana, Ark.
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