Sun Pharma extends offer for Taro till 19 December

10 November 2008

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.