Apollo Tyres up nearly 9% on buzz Cooper Tire losing court bid
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Apollo Tyres up nearly 9% on buzz Cooper Tire losing court bid

Last Updated: Tuesday, December 17, 2013, 12:29
 
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Apollo Tyres up nearly 9% on buzz Cooper Tire losing court bid
Mumbai: Shares of Apollo Tyres today surged nearly 9 percent amid reports that US-based Cooper Tire & Rubber Co has lost its court bid to force the Indian tyremaker to complete their proposed merger.

Apollo Tyres scrip gained 8.79 percent to Rs 92.20 on the BSE.

On the NSE, the stock climbed 8.66 percent to Rs 92.15.

"The stock rose as Cooper Tire lost the case and on assumption that the company will walk away from the deal," said Kishore Ostwal, CMD, CNI Research.

As per media reports, the Delaware Supreme court has dismissed Cooper Tire and Rubber Company's appeal of a decision blocking the company's bid to force the USD 2.5 billion takeover by Apollo Tyres.

The merger was announced in June this year.

Cooper Tire & Rubber Company had in October filed a complaint in a US court to push India's Apollo Tyres to close its USD 2.5 billion deal to acquire the US firm.



PTI

First Published: Tuesday, December 17, 2013, 12:29


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