Mumbai: Sun Pharmaceutical Industries subsidiary Alkaloida Chemical Company Exclusive Group 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 pm on 19 December 2008 unless further extended or earlier terminated, the company said in a statement.
Alkaloida, has extended the expiration date of the tender offer for the purchase of all outstanding ordinary shares of Taro Pharmaceutical Industries Ltd, Sun Pharma said. ''The offer will now expire at 5 pm, New York time, on 19 December 2008, unless further extended or earlier terminated, the statement added.
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 issued 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 is scheduled to hear oral arguments on the appeal on 8 December 2008. If the temporary order remains in effect on 19 December 2008, Sun will further extend the offer while the temporary order remains outstanding.
The offer was made on 30 June 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 25 June 2008. The option agreement required Alkaloida, promptly after exercising the options, to commence a tender offer at $7.75 per ordinary share of Taro held by other shareholders.
''The offer had previously been scheduled to expire at 5 pm, New York time, on 7 November 2008. As of 5 pm New York time on 6 November, around 33,248 ordinary shares had been tendered and not withdrawn from the offer,'' the release said.
The complete terms and conditions of the tender offer are set out in the offer to purchase, which is filed with the US Securities and Exchange Commission.
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.
Sun Pharmaceutical Industries Ltd is an integrated specialty pharmaceutical company, manufacturing and marketing a large basket of pharmaceutical formulations as branded generics as well as generics in India, the US and several other markets across the world.
The company is a leader in niche therapy areas of psychiatry, neurology, cardiology, diabetology, gastroenterology, and orthopedics in the domestic market.