Delaware Supreme Court Dismissed Cooper Tire's Appeal

The Delaware Supreme Court in Dover issued a terse one-page statement today, signed by Justice Randy J. Holland, dismissing the appeal of a ruling in Delaware Chancery Court to block

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).