Cooper Tire & Rubber Co. plans to seek expert trial testimony on whether India-based suitor Apollo Tyres Ltd. used its best efforts in negotiations with the steelworkers’ union to aid in a $2.5 billion takeover, court papers show.
Cooper, based in Findlay, said in June it would be bought by Apollo for $35 a share. Cooper sued Apollo to enforce the buyout after there was no deal by an Oct. 4 deadline.
Peter Hurtgen and Daniel Silverman, lawyers specializing in labor relations, will be asked “whether Apollo use reasonable best efforts” in required talks with the United Steelworkers union “or refused to accept any commercially reasonable proposals” before the buyout was to have closed, according to a filing made public Friday.
Cooper will also call David Stowell of Northwestern University’s Kellogg School of Management.