Buying a Domain Name that Used to Belong to a Company

Hey Guys,

Used to work for a company wayyyy back, they have recently let their domain name drop and bought a new one similar to their company name.
I happen to know that their domain is pretty strong and they just let it drop.

Is it ok to scoop up and use for my own purposes? Lets pretend they are a coffee shop called luxtoro coffee. was their old domain that they let drop, and they registered instead as their primary website.