Cooper Tire & Rubber Co.’s appeal of a Delaware judge’s decision blocking the company’s bid to force a merger with Apollo Tyres Ltd. (APTY) was dismissed by the state’s highest court.
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.
“The court has concluded that this interlocutory appeal was improvidently accepted,” Holland wrote. The decision came three days before a hearing at the court was scheduled.
The appeal came after a ruling last month by Chancery Judge Sam Glasscock concerning requirements in the $2.5 billion, $35-a-share agreement. Cooper shares fell as much as 9.7 percent, and traded at $21.55 at 3 p.m.
Anne Roman, a spokeswoman for Findlay, Ohio-based Cooper, didn’t immediately respond to a request for comment on the dismissal. Samantha Verdile, a spokeswoman for Gurgaon, India-based Apollo, didn’t immediately respond to a request for comment on the decision.
The cases are Cooper Tire & Rubber Co. (CTB) v. Apollo (Mauritius) Holdings Pvt, CA8980, Delaware Chancery Court (Wilmington) and 624-2013, Supreme Court of Delaware (Dover).
Source: Bloomberg
