Apollo Tyres shares plunge 9 pct after Cooper Tire shareholders OK sale

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An employee works inside a showroom selling Apollo tyres in Mumbai. (Reuters) An employee works inside a showroom selling Apollo tyres in Mumbai. (Reuters)
SummaryApollo Tyres shares fall as debt concerns weigh on deal with Cooper tire.

The 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 $2.5 billion sale deal to the Indian company on Monday.

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Shareholders stand to receive $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 $31.44 after the shareholder meeting on Monday, before closing at $30.80.

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