The Delaware Court of Chancery has blocked Cooper Tire & Rubber Co.’s bid to recoup a $112 million breakup fee related to its failed $2.5 billion merger with Apollo Tyres Ltd. In the opinion, the court held a steelworker strike at two Cooper plants and seizure of a third facility prevented the company from fulfilling its contractual obligations, even though the strikes were not Cooper’s fault.
“The seizure [of the plant] was unanticipated, and neither party caused it to occur; nonetheless, it prevented Cooper from complying with its contractual obligations necessary to close the merger,” said Vice Chancellor Sam Glasscock III in Cooper Tire & Rubber v. Apollo Holdings.
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