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Delaware Supreme Court Dismisses Cooper Tire's Appeal

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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).

Posted-In: News Legal

 

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