Sun extends tender offer for Taro

India's Sun Pharmaceutical Industries, through its subsidiary, Alkaloida Chemical Company Exclusive Group, has extended the expiration date of the tender offer for all outstanding ordinary shares of Israeli drugmaker Taro Pharmaceutical Industries, which the latter is trying to fend off (Marketletters passim). The offer will now expire at 5:00 pm, New York City time, on December 19, unless further extended or earlier terminated.

The offer was extended to comply with a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing until it issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer rules under the Israeli Companies Law to the offer. The Tel-Aviv District Court had previously ruled in favor of Sun Pharma that a special tender offer was not required. The Supreme Court is scheduled to hear oral arguments on the appeal on December 8. If the temporary order remains in effect on December 19, Sun says it will further extend its offer while the temporary order remains outstanding.