Cooper Tire terminates $2.5B sale agreement with India's Apollo

Ohio-based Cooper Tire & Rubber Co. (NYSE: CTB) has terminated a proposed $2.5 billion sale to Apollo Tyres Ltd, saying the Indian tire maker had failed to find financing for the transaction.

Apollo had agreed to purchase Cooper for $35 a share in June. In its announcement on Monday, Cooper didn't say whether Apollo would pay a $112.5 million break-up fee included in the original agreement, according to Reuters.

The termination of the deal comes after the companies engaged in legal battles, with Apollo trying to push down the purchase price, citing Cooper's U.S. labor troubles and disruptions at a Chinese joint venture.

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