Sun extends deadline for Taro tender offer
India's Sun Pharmaceuticals has extended the expiration date of the tender offer for the acquisition of Taro to allow the Israeli firm to appeal a court ruling permitting the deal.
The offer will now expire at 5:00pm EST, on October 3. However, no agreement will be able to close before a Tel-Aviv court ruling that the offer is legal can be appealed by Taro (Marketletter September 1).
This is only the latest stage of a bitter feud between the two firms after Taro pulled out of a merger earlier this year (Marketletters passim), giving Sun the right to make the tender offer. Taro attempted to block the acquisition in court, claiming that Sun should have made a special tender offer at the time of the agreement. Sun will make the offer through its subsidiary Alkaloida Chemical.
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