Cooper Tire and Rubber Company (CTB) on Monday announced the termination of a long-expected $2.2 billion merger with Apollo Tyres (APOLLOTYRE).

CTB stock fell 6% pre-market, but as of this writing are down 3% on the announcement. CTB stock is down 25% over the past three months.

The chief reason for the termination of the mergers and acquisitions deal — set for Tuesday — was lack of financing.

“It is time to move our business forward,” Cooper Chairman and Chief Executive Roy Armes said.

The deal would have created the 7th largest tire company in the world, but the two companies were already at odds and insiders believed the deal would not see fruition.

Earlier this month, CTB signaled that the merger was on shaky ground, noting in a court filing that its lawsuit with Apollo was one concerning monetary damages (via Market Watch).

Cooper, which had previously accused Apollo of delaying the deal, said Monday that it believes its would-be buyer breached the agreement, and that it would continue to pursue “legal steps” against the Indian company.

An Apollo representative wasn’t immediately available for comment. Apollo, meanwhile, had argued that weak earnings at Cooper, North America’s fourth-largest tire maker by revenue, as well as a lockout at its Chinese factory, merited a reduction in the acquisition price.

CTB accuses Apollo of stalling with union negotiations to get out of the deal, something that Apollo denies.

Moving forward, Cooper Tire says that the factor issue will be resolved as quickly as possible.

“Once the situation at CCT is resolved and regular financial reporting has resumed, Cooper will be in a position to address additional options for the deployment of capital targeted at returning value for our stockholders,” Mr. Armes said.

Cooper Tire & Rubber Company (Cooper) is a manufacturer and marketer of replacement tires.

CTB is down 9% year to date.