Sun extends offer for Taro once more
India's Sun Pharmaceutical Industries has once again extended the expiration date of its tender offer to purchase all outstanding shares of Israel-based Taro, in the latest installment of the ongoing dispute (Marketletters passim).
The offer will now expire at 5:00 pm, New York City time, on April 3, 2009, unless further extended or earlier terminated. The offer was extended to comply with a continuing order issued by the Supreme Court of Israel prohibiting closing until it issues a decision on an appeal of litigation against Sun by Taro and regarding the applicability of the special tender offer rules. The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required.
Sun's subsidiary Alkoloida is tendering the offer for the same cost as the original merger (Marketletter May 28, 2007), $7.75 per share, under an option laid out in the terms of that deal. Taro's withdrawal from the agreement is being challenged by Sun.
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