Delaware Supreme Court Dismisses Cooper Tire's Appeal
The Delaware Supreme Court in Dover issued a terse one-page statement Monday, signed by Justice Randy J. Holland, dismissing the appeal of a ruling in Delaware Chancery Court to block Cooper Tire & Rubber Co.'s (NYSE: CTB) bid to force a merger with Apollo Tyres Ltd.
Bloomberg reported that this appeal follows the ruling last month by Chancery Judge Sam Glasscock concerning requirements in the $2.5 billion, $35 per share agreement. Randy Holland wrote, "The court has concluded that this interlocutory appeal was improvidently accepted."
Shares of Cooper Tire & Rubber Co. fell as much as 9.7% today.
The cases are Cooper Tire & Rubber Co. v. Apollo (Mauritius) Holdings Pvt, CA8980, Delaware Chancery Court (Wilmington) and 624-2013, Supreme Court of Delaware (Dover).
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.