Apollo Tyres shares rise on US judge ruling on Cooper Tire deal

Nov 11 2013, 09:53 IST
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A US judge has rejected Cooper Tire's allegations that Apollo Tyres was intentionally dragging its feet in talks with United Steel Workers as an excuse to cut the deal's price. A US judge has rejected Cooper Tire's allegations that Apollo Tyres was intentionally dragging its feet in talks with United Steel Workers as an excuse to cut the deal's price.
SummaryA US judge has ruled Apollo did not breach its obligation to close its $2.5 bn buyout of Cooper.

Shares of Apollo Tyres Ltd rose as much as 5.65 percent on Monday after a U.S. judge ruled that the Indian company did not breach its obligation to close its $2.5 billion buyout of Cooper Tire & Rubber Co.

The judge rejected Cooper's allegations that Apollo was intentionally dragging its feet in talks with the United Steel Workers as an excuse to cut the deal's price. When the two companies announced the deal in June they anticipated it would close by October 4.

At 9.36 am, Apollo shares were up 3.56 percent at 74.20 rupees. They have fallen more than 20 percent since the deal was announced on June 12.

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