Sun Pharmaceutical Extends Tender Offer for Taro

25-Mar-2009 - Israel

Sun Pharmaceutical Industries Ltd. 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. The Offer will now expire at 5:00 p.m., New York Citytime, 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. TheTel-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 onApril 3, 2009, Sun expects to extend the Offer while the temporary order remains outstanding.

The Offer was commenced on June 30, 2008in 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 onJune 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.

https://www.bionity.com/en/news/98748/sun-pharmaceutical-extends-tender-offer-for-taro.html