Shares of Apollo Tyres Ltd gained 4 per cent in early trade 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 Rs 111.45 in pre-market trade. On Monday, Cooper shares had also risen 5.4 per cent after the announcement, closing at $24.2 on the New York Stock Exchange.
Copyright: Thomson Reuters 2013
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