Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
(AP) - Cooper Tire & Rubber Co. shares are plunging Monday as its $2.2 billion deal with Apollo Tyres Ltd. becomes more uncertain.
India's Apollo is seeking a lower price than the original $35 per share it offered Cooper because of added talks for union matters. It also says Findlay, Ohio-based Cooper has not provided enough information about a Chinese subsidiary.
Cooper says it does not agree with such a price reduction and it is working to resolve issues with its Chinese partner.
Investors are increasingly concerned that the deal could fall apart. Under the terms of the agreement, if the deal is delayed past Dec. 31 it can be terminated without penalty.
Shares of Cooper are off nearly 13 percent to $25.81 in afternoon trading.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)