MUMBAI (Reuters) - Shares of Apollo Tyres Ltd gain 5.5 percent on Tuesday after a deal to acquire U.S.-based Cooper Tire & Rubber Co fell through late last night.
Cooper Tire said on Monday it was walking out of the deal after being informed by the Indian tyre maker that financing was no longer available for a takeover. Both companies have threatened legal action against each other.
Apollo shares hit a record high of 111.45 rupees in pre-market trade. On Monday, Cooper shares had also risen 5.4 percent after the announcement, closing at $24.2 on the New York Stock Exchange.
(Reporting by Swati Pandey; Editing by Subhranshu Sahu)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app