Cooper Tire & Rubber Co. said today it is dropping plans to be bought by India’s Apollo Tyres Ltd., citing lack of financing for the transaction, and will seek damages. Apollo said it’s disappointed and will also sue.

The U.S. manufacturer “will continue to pursue the legal steps necessary to protect the interests of our company and our stockholders,” Findlay, Ohio-based Cooper Tire said in a statement. It’s seeking a $112.5 million “reverse termination fee,” Chief Financial Officer Brad Hughes said in a conference call today.

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