Navigation Links
Sun Pharmaceutical Extends Tender Offer for Taro
Date:9/3/2008

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 As of 5:00 p.m., New York City time, on September 2, 2008, 9,226 Ordinary Shares had been tendered and not withdrawn from the Offer.

The complete terms and conditions of the Tender Offer are set out in the Offer to Purchase, which is filed with the U.S. Securities and Exchange Commission. Taro shareholders may obtain copies of all of the offering documents, including the Offer to Purchase, free of charge at the SEC's website (http://www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the Information Agent for the offer, at 105 Madison Avenue, New York, New York 10016, (212) 929-5500 (Call Collect) or Call Toll-Free (800) 322-2885, Email: tenderoffer@mackenziepartners.com.

Greenhill & Co., LLC is acting as the Dealer Manager for the Tender Offer and MacKenzie is acting as the Information Agent for the Tender Offer.

About Sun Pharmaceutical Industries Ltd.

Established in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, U.S. and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, and orthopedics. The company has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms. More information about the company can be found at http://www.sunpharma.com.

Contacts

Uday Baldota Mira Desai

Tel +91 22 6645 5645, Xtn 605 Tel +91 22 6645 5645, Xtn 606

Tel Direct +91 22 66455605 Tel Direct +91 22 66455606

Mobile +91 98670 10529 Mobile +91 98219 23797

E mail uday.baldota@sunpharma.com E mail mira.desai@sunpharma.com

Brunswick Group for Sun Pharma MacKenzie Partners

Nina Devlin / Andrea Shores Robert Marese

+1 212 333 3810 +1 212 929 5500

Arad Communications for Sun Pharma Greenhill

Gali Dahan Ashish Contractor

+972 3 7693320 +1 212 389 1537


'/>"/>
SOURCE Sun Pharmaceutical Industries Ltd.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Safecor Health Acquires Unit-Dose Pharmaceutical Leader RSC
2. Osprey Pharmaceuticals U.S.A., Inc. Completes $11 Million Initial Private Financing
3. Peregrine Pharmaceuticals to Report First Quarter FY 2009 Financial Results
4. OncoGenex Pharmaceuticals announces out-license of TOCOSOL Paclitaxel to Eagle Pharmaceuticals
5. Amylin Pharmaceuticals to Present at Thomas Weisel Healthcare, BioCentury NewsMakers, and Morgan Stanley Global Healthcare Conferences
6. Arena Pharmaceuticals to Present at the NewsMakers in the Biotech Industry Conference
7. Cadence Pharmaceuticals CEO Theodore Schroeder to Present at the 2008 NewsMakers In the Biotech Industry Conference
8. Trubion Pharmaceuticals to Present at Fall 2008 Morgan Stanley Global Healthcare Unplugged Conference in New York
9. Alexza Pharmaceuticals Announces Upcoming Webcasts and Conference Participation
10. Poniard Pharmaceuticals Announces Upcoming Conference Participation
11. Amylin Pharmaceuticals and Eli Lilly Provide Context for FDA Alert for BYETTA
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... ... 2017 , ... AxioMed president, Jake Lubinski, describes the AxioMed ... deformed, which is identical to how the human discs work to distribute force. ... to its natural state along a hysteresis curve, exactly like a healthy human ...
(Date:3/23/2017)... , March 23, 2017  SeraCare Life ... global in vitro diagnostics manufacturers and clinical ... industry,s first multiplexed Inherited Cancer reference ... by next-generation sequencing (NGS). The Seraseq™ Inherited ... with input from industry experts to validate ...
(Date:3/23/2017)... SEATTLE , March 23, 2017 ... translational development of novel therapies in immuno-oncology, today ... to lead" small molecule compounds that activate interferon ... (RLR) pathways and demonstrate immune-mediated tumor regression in ... in the study who demonstrated complete tumor regression ...
(Date:3/23/2017)... 23, 2017 In today,s pre-market ... in the Biotech industry: Sangamo Therapeutics Inc. (NASDAQ: SGMO), ... MKT: SYN), and Regulus Therapeutics Inc. (NASDAQ: ... Credit Suisse upgraded its rating on Pharmaceuticals/Biotechnology to "Overweight" from "Market Weight." ... report at: ...
Breaking Biology Technology:
(Date:2/24/2017)... Spain , Feb. 24, 2017  EyeLock LLC, a ... demonstrate its elite iris biometric solution on the ... X16 LTE at Mobile World Congress 2017 ... Qualcomm,s Booth in Hall 3, Stand 3E10. ... the Qualcomm Haven™ security platform—a combination of ...
(Date:2/21/2017)... PORTLAND, Ore. , Feb. 22, 2017 /PRNewswire/ ... of Companies (Avamere Health Services, Infinity Rehab, Signature Hospice, ... study that will apply the power of IBM cognitive ... and health centers. By analyzing data streaming from sensors ... into physical and environmental conditions, and obtain deeper learnings ...
(Date:2/16/2017)... , Feb. 16, 2017  Genos, a ... announced that it has received Laboratory Accreditation from ... Accreditation is presented to laboratories that meet stringent ... demonstrate scientifically rigorous processes. "Genos is ... in laboratory practices. We,re honored to be receiving ...
Breaking Biology News(10 mins):