November 14, 2013
Delaware: Failed Labor Talks Didn’t Breach Merger Agreement
Last week, as noted in this Reuters article and this memo, Delaware Vice Chancellor Sam Glasscock ruled that Apollo Tyres. didn’t breach its merger agreement with Cooper Tire by failing to reach a new labor deal with a union. VC Glasscock rejected the argument that Apollo was trying to string out negotiations with the United Steelworkers in an attempt to keep the merger from closing.