Apollo Tyre and Cooper Tire head to court

At issue in the trial will be whether Apollo has put its "reasonable best efforts" into union negotiations.

Apollo Tyre and Cooper Tire are scheduled to head to court tomorrow (5 November 2013) to resolve the dispute over how much Apollo will pay for the company, according to a Wall Street Journal report. Apollo offered USD35 per share (USD2.2 billion), which was approved by Cooper Tire's shareholders. However, prior to closing, Apollo is required to reach a deal with union steelworkers at two US Cooper plants, which has not happened, although a last-minute report on 1 November 2013 indicates a tentative agreement may have been reached, which is set for a vote on 6 November.