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updated: 6/12/2013 9:04 AM

India's Apollo Tyres to buy Cooper Tire for $2.22 billion India's Apollo Tyres to buy Cooper Tire for $2.22 billion

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Associated Press

FINDLAY, Ohio -- India's Apollo Tyres Ltd. is buying Ohio's Cooper Tire & Rubber Co. for about $2.22 billion.

Apollo says the combined company will be one of the world's largest tire makers, with a strong presence across four continents and combined 2012 sales of $6.6 billion.

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Under the terms of the deal, Cooper shareholders will receive $35 per share in cash. The price represents a 42 percent premium over Cooper's Tuesday closing stock price.

Cooper shares jumped 40 percent in Wednesday premarket trading.

Findlay, Ohio-based Cooper says the deal is in the best interests of its shareholders.

The sale, which remains subject to Cooper shareholder and regulatory approvals, is expected to close in the second half of this year.

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