Cooper Tire Shareholders Vote in Favor of Apollo Buyout

Cooper Tire & Rubber Co. shareholders voted to approve its pending acquisition by Apollo Tyres Ltd.

Shareholders with more than 74 percent of Cooper Tire outstanding shares voted in favor of the $2.5 billion buyout, Cooper Tire said in a statement.

Apollo Tyres, based in Gurgaon, India, agreed to buy Findlay, Ohio-based Cooper Tire in June to gain greater access to the U.S. automotive market.

Apollo has said it wants to be among the top 10 tiremakers by 2016. The company said today the Cooper Tire acquisition would make it the world’s seventh-largest tiremaker.

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