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Sun Pharmaceutical to announce extended deadline of Taro tender offer
By Lisa Kerner
Charlotte, N.C., April 24 - Sun Pharmaceutical Industries Ltd. subsidiary Alkaloida Chemical Co. Exclusive Group Ltd. extended the expiration date of its $7.75-per-share tender offer for the outstanding ordinary shares of Taro Pharmaceutical Industries Ltd.
The offer will now expire at midnight ET on the fifth business day following the announcement by Sun of a ruling by the Supreme Court of Israel.
Sun said the extension keeps it in compliance with a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the offer until the Supreme Court issues a decision on the appeal by Taro.
The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required.
Alkaloida will provide a subsequent offering period of not less than 10 business days following the expiration of the offer.
As previously reported, the offer had been slated to end at 5 p.m. ET on April 24. It had been extended several times, most recently to April 24 from April 17.
Taro agreed in May 2007 to be acquired by Sun for $7.75 per share and then terminated the merger agreement in May 2008. Sun offered to increase the price to $10.25 per share, which Taro rejected.
According to Sun, Taro was not entitled to terminate the merger.
Sun exercised some options to acquire shares of Taro from the company's controlling shareholders on June 25, 2008 and began the tender offer on June 30, 2008.
The dealer manager for Sun's offer is Greenhill & Co., LLC. MacKenzie Partners, Inc. is the information agent.
Taro is a pharmaceutical company with offices in Israel and Hawthorne, N.Y.
Mumbai, India-based Sun makes specialty pharmaceuticals and active pharmaceutical ingredients.
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