Diamond Shamrock said that it appealed the ruling and asked for an expedited hearing.
Diamond Shamrock, with its large cash flow from oil and gas properties, would have solved the problem.
Diamond Shamrock led the consolidated active list, falling 3/8, to 14 1/2, on volume of nearly 2.4 million shares.
The group offered $2.06 billion in cash for all of Diamond Shamrock.
Diamond Shamrock said its board would respond to the bid by Jan. 20.
Analysts said most oil companies would find it hard to justify paying much more than $15 a share for Diamond Shamrock.
He joined Diamond Shamrock in 1984 and was named head of the refining division a year later.
Diamond Shamrock lost $42.2 million in the fourth quarter.
The company also received a $750,000 payment from Diamond Shamrock for making the commitment.
Today's announcement by Diamond Shamrock came after the close of trading.