This morning, Apollo Tyres announced it is buying Cooper Tire & Rubber (CTB) for $2.22 billion, or $35 per share. This amounts to a 42% premium over yesterday's closing price with the deal likely closing in the second half of the year. The combined company will be one of the world's largest tire manufacturers with operations spanning four continents. Shares of CTB were higher by more than 41% this morning.
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