MUMBAI, India, Sept. 3 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUN PHARMA, BSE: 524715) today announced its subsidiary, Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), has extended the Expiration Date of the Tender Offer for the purchase of all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro). The Offer will now expire at 5:00 p.m., New York City time, on Friday, October 3, 2008, unless further extended or earlier terminated. The Tender Offer was extended to comply with an 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 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's order states that the appeal will be heard no later than December 15, 2008, but no briefing schedule has yet been set. If the temporary order remains in effect and the Supreme Court has not decided the appeal by October 3, 2008, Sun will further extend the Offer while the temporary order remains outstanding.
The Offer was commenced on June 30, 2008 in order to comply with the
terms of the Option Agreement between Alkaloida and the controlling
shareholders of Taro. Alkaloida exercised its options to acquire shares of
Taro from the controlling shareholders on June 25, 2008. The Option
Agreement required Alkaloida, promptly after exercising the options, to
commence a tender offer at USD 7.75 per Ordinary Share of Taro held by
other shareholders. The Offer had previously been scheduled to expire at
5:00 p.m., New York City time, on Wednesday, September 3, 2008. As of 5:00
p.m., New York City time, on Se
|SOURCE Sun Pharmaceutical Industries Ltd.|
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