M & A stalemate is difficult to break Cooper tires to help the Chinese government

“At this point in time, we hope that the government can step in and help us solve the current difficulties.” Recently, Cooper Tire & Rubber Company (hereinafter referred to as “Cooper Tire”) was the chairman of the International Tyre Department Miller in an exclusive media interview in Shanghai. Indicated.

Cooper tires will be sold to Apollo Tire Co. (hereinafter referred to as "Apollo") Miller is the main person in charge. He not only had to negotiate with Apollo on specific transaction details and follow-up process, but also persuaded the joint venture company in China, Cooper Chengshan Tyre Co., Ltd. (hereinafter referred to as "Cobalt Chengshan") to stop protesting in order to complete the acquisition.

In late June of this year, Cooper Chengshan Trade Union made two suspensions in order to “protest against the Cooper tire sales company to Apollo.” Although the joint venture company has resumed work, it has refused to produce Cooper Tire's tires, and even organized a "picking team" to prevent Cooper Tire's management personnel from entering the factory.

Since October 16th this year, "Refuse to enter the financial data of the joint venture company" has been treated as an important part of the Cooper's Chengshan Union's protest against the "Apollo deal for the acquisition of Cooper tires." "As a major shareholder with a 65% stake in Cooper Chengshan, our legal rights have been severely damaged," Miller said.

Due to the lack of financial data of the joint venture company, Cooper Tire could not submit financial reports to the securities trading center to fulfill the necessary information disclosure obligations. This has become the only key to curb asset transactions between Cooper Tire and Apollo (Note: two The sentence is not the same subject). According to the initial contract between Cooper Tire and Apollo, both parties must complete the transaction before December 31, 2013. Miller believes that only the governments of various parts of China, including the Shandong provincial government, can request coordination.

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