Apollo Tyres slumps after Cooper Tire shareholders approve sale

Last Updated: Tue, Oct 01, 2013 04:30 hrs

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 U.S. company's $2.5 billion sale to the Indian company on Monday.

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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