Apollo Tyres is trading higher by 4 % at Rs 74.65 after a Delaware judge ruled that the company did not breach its obligation to close its $2.5-billion buyout of Cooper Tire & Rubber Co last month as originally agreed.
The stock opened at Rs 73.10 and touched high of Rs 74.90 on BSE. A combined 840,000 shares have changed hands on the counter in early morning deals on BSE and NSE.
The Delaware court on Friday rejected claims by Cooper that the Indian company was in breach of its merger agreement to finalise the deal on October 4, the media report suggests.
The deal, announced in June, landed in court last month over charges by the US firm that its Indian suitor was delaying closing the transaction to wrestle down the $2.5 billion offer price.
The stock opened at Rs 73.10 and touched high of Rs 74.90 on BSE. A combined 840,000 shares have changed hands on the counter in early morning deals on BSE and NSE.
The Delaware court on Friday rejected claims by Cooper that the Indian company was in breach of its merger agreement to finalise the deal on October 4, the media report suggests.
The deal, announced in June, landed in court last month over charges by the US firm that its Indian suitor was delaying closing the transaction to wrestle down the $2.5 billion offer price.
