India's Apollo Tires surges after Cooper Tire loses court bid to force merger
MUMBAI (Reuters) - Shares in Apollo Tires Ltd (APLO.NS) rose 3.8 percent in pre-open trading on Tuesday after Cooper Tire & Rubber Co (CTB.N) lost its U.S. court bid on Monday to force the Indian tire maker to complete their proposed $2.3 billion merger.
Under the terms of the merger, Apollo can walk away from the deal on December 31. Investors have worried a takeover of Cooper would lead to a strong increase in debt levels at Apollo.
(Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)