Navigation Links
Sun Pharmaceutical Files HSR Application for Taro Tender Offer
Date:8/28/2009

MUMBAI, India, Aug. 28 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUN PHARMA, BSE: 524715) today announced that on August 27, 2009, Sun filed a new application with the U.S. Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice to restart the Hart-Scott-Rodino (HSR) Act waiting period in connection with the Tender Offer by Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), a subsidiary of Sun, for all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro).

The Offer is currently subject to 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 (STO) 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 Offer is scheduled to expire on the fifth business day following the date Alkaloida announces a ruling on the appeal of the STO litigation or if, prior to such ruling, the temporary order is otherwise lifted. If, as of such expiration date, the conditions to the Offer have not been satisfied or, to the extent permitted by applicable law, waived by Alkaloida, Alkaloida reserves the right to further extend the Offer. Alkaloida currently expects to extend the Offer if, as of the expiration date, the HSR condition to the Offer is not satisfied.

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. As of 5:00 p.m., New York City time, on August 27, 2009, 32,252 Ordinary Shares had been tendered and not withdrawn from the Offer.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, as amended, 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
    Nicki Kahner                           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. Hisamitsu Pharmaceutical Completes Acquisition of Noven Pharmaceuticals
2. Caraco Pharmaceutical Laboratories, Ltd. Announces Reversal of Summary Judgment in Ultracet(R) ANDA Patent Litigation
3. Sagent Pharmaceuticals Announces Launch of Fluconazole Injection in Premix Ready-to-Use IV Bags
4. Hisamitsu Pharmaceutical Announces Expiration of Subsequent Offering Period and Completion of Tender Offer for Outstanding Shares of Noven Pharmaceuticals
5. DURECT Signs Long Term Excipient Supply Agreement With King Pharmaceuticals for REMOXY(R)
6. Cumberland Pharmaceuticals Reports Second Quarter 2009 Financial Results
7. Transcept Pharmaceuticals to Present at Rodman & Renshaw and Baird Healthcare Investor Conferences on September 9 and September 10, 2009
8. Endo Pharmaceuticals to Partner With ProStrakan to Commercialize FORTESTA(TM) in the U.S.
9. Endo Pharmaceuticals Announces Cash Tender Offer for Any and All Outstanding Ledgemont PhaRMA(SM) Secured 16% Notes
10. Robin Leedy & Associates Wins Social Media Program For Union Springs Pharmaceuticals
11. Adamas Pharmaceuticals Expands Management Team; Names Michael D. Coffee and Amy K. Patick to Executive Positions
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/23/2017)... ... January 23, 2017 , ... The Masters of ... and evaluation leaders with decades of experience who remain current practitioners in the ... healthcare system, there is a renewed demand for versatile, data-driven leadership.The American University’s ...
(Date:1/23/2017)... ... January 23, 2017 , ... ... applications. However, choosing the right method is paramount to success. Selecting an inappropriate ... in situations where multiple persons use the same equipment. Rare or expensive substances ...
(Date:1/23/2017)... ... January 23, 2017 , ... Gynecology Associates of Gwinnett (GAoG) ... services for women of all ages. The staff of Gynecology Associates of ... services from routine health screenings to diagnosing and treating female concerns including menopause, ...
(Date:1/23/2017)... ... ... “Some Infallible Characteristics of Christ”: a fascinating and entrancing novel exploring ... creation of published author, Rev. Dr. Robert W. Thomas, the third of seven siblings. ... over nineteen, a pastor for over fifteen years. He is a graduate of N.C. ...
(Date:1/22/2017)... , ... January 22, 2017 , ... Medical lab ... results. Often the results of a simple test will take days to arrive to ... Test Now offers customers direct access to their lab tests, bypassing the cost and ...
Breaking Medicine News(10 mins):
(Date:1/23/2017)... , Jan 23, 2017 Research and Markets has ... & Trends - Product - Forecast to 2025" report to their ... Report Highlights: ... future market trends to identify the investment opportunities Market ... Key market trends across the business segments, Regions and Countries ...
(Date:1/23/2017)... Ahead of today,s trading session, Stock-Callers.com draws investors, attention ... the close: Kite Pharma Inc. (NASDAQ: KITE ), BioPharmX ... Regeneron Pharmaceuticals Inc. (NASDAQ: REGN ). According to a ... January 20 th , 2017, down on the day by about ... now at: ...
(Date:1/23/2017)... SAN FRANCISCO , January 23, 2017 The global  ... USD 18.3 billion by 2025. The rising incidence of depression worldwide is anticipated ... and psychotherapies has resulted in the declining demand for antidepressants in the recent ... ... Grand View Research Logo ...
Breaking Medicine Technology: