Navigation Links
Sun Pharmaceutical Extends Tender Offer for Taro
Date:3/20/2009

MUMBAI, India, March 20 /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, April 3, 2009, unless further extended or earlier terminated. The Tender Offer was extended to comply 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 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 that a special tender offer was not required.

The mediation process between the parties to the litigation and the Levitt and Moros families, entered into at the recommendation of the Supreme Court, is ongoing. If the temporary order remains in effect on April 3, 2009, Sun expects to 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 Friday, March 20, 2009. As of 5:00 p.m., New York City time, on March 19, 2009, 31,428 Ordinary Shares had been tendered and not withdrawn from the Offer.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 (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 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
    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©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Mylan Commences Tender Offers and Consent Solicitations for Its 5.750% Senior Notes Due 2010 and 6.375% Senior Notes Due 2015 in Connection With Its Proposed Acquisition of Mercks Generic Pharmaceutical Business
2. Arena Pharmaceuticals to Present at the NewsMakers in the Biotech Industry Conference
3. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
4. Schering-Plough/Merck Pharmaceuticals Announce FDA Filing Acceptance of New Drug Application for Loratadine/Montelukast Tablet
5. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Adipex-P(R)
6. National Pharmaceutical Council Announces New Strategic Focus, Search for New Leadership
7. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Coreg(R)
8. Provectus Pharmaceuticals, Inc. Begins Phase 2 Clinical Trial for Metastatic Melanoma
9. Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts Meeting September 28, 2007
10. Idenix Pharmaceuticals to Present at Two Upcoming Investor Conferences
11. Pharmaceutical Manufacturing Quality: Optimizing Your Internal Process for FDA Compliance
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/29/2017)... ... 29, 2017 , ... A New York high tech innovator and a Canadian ... effectiveness of Artificial Intelligence (AI) in helping nudge men forward to be more proactive ... President of the Canadian Men’s Health Foundation (CMHF), whose mission is to inspire men ...
(Date:5/28/2017)... ... May 28, 2017 , ... Florida Pain ... announce that Sheldon K. Cho, MD, has joined its Winter Haven practice. ... concentrates on minimally invasive techniques to treat and manage many types of pain. ...
(Date:5/27/2017)... , ... May 27, 2017 , ... From May 21-23, ... Oticon. The three-day event was held at the Marriott Syracuse Downtown Hotel in Syracuse, ... hearing brand and network of independent hearing healthcare providers to help them stay ahead ...
(Date:5/26/2017)... ... May 26, 2017 , ... The Radiology ... to focus on current legislative activity and the latest regulatory concerns impacting RBMA ... Sunday, Sept. 10, and will continue through Monday, Sept. 11, at the Ritz-Carlton, ...
(Date:5/26/2017)... ... May 26, 2017 , ... ... ever copper, antimicrobial, mesh back 24/7 task chair specifically designed for clinical areas. ... “We are thrilled to partner with Cupron® to provide customers with a game ...
Breaking Medicine News(10 mins):
(Date:5/10/2017)... -- Global Health Intelligence (GHI), the leading healthcare ... published its 2017 ranking of the Best-Equipped Hospitals in ... analysis from GHI,s hospitals database for Latin America , ... The GHI database covers 86% of the hospitals in ... points for each institution in key areas such as beds, ...
(Date:5/9/2017)...  Demonstrating its commitment to representing research- based ... Pharmaceutical Research and Manufacturers of America (PhRMA) today ... now have to meet new research and development ... join PhRMA. "By putting in place ... clear message that being a member of PhRMA ...
(Date:5/6/2017)... Texas , May 5, 2017   Provista , ... with more than 200,000 customers, today announced Jim Cunniff ... a wealth of executive and business experience to Provista, including ... compounding pharmacy in California . He assumed ... "Jim is a great fit for Provista," says ...
Breaking Medicine Technology: