Apollo Tyres slumps after Cooper Tire shareholders approve sale
Mumbai: Apollo Tyres shares fell as much as 8.9 percent on worries about possible high debt after Cooper Tire and Rubber Co shareholders approved the US company's USD 2.5 billion sale to the Indian company on Monday.
Shareholders stand to receive USD 35 per Cooper share, a premium of more than 40 percent to its price before the acquisition announcement on June 12.
Cooper shares rose 3.5 percent to a high of USD 31.44 after the shareholder meeting on Monday, before closing at USD 30.80.
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