Sun Pharma today said its subsidiary, Alkalodia Chemical Exclusive Group has extended the expiry date of the Tender Offer for purchase of all outstanding ordinary shares of Taro Pharmaceuticals.
The offer was previously scheduled to expire on Monday, July 28, 2008.
"The extension was recommended by Tel-Aviv court to allow the court to rule on the merits of the litigation commenced against Alkalodia...Regarding the applicability of the special tender offer rules under the Israeli law," Sun Pharma said in a statement.
Such recommendations for the extension was agreed upon by all parties to the litigation, the company said.
Last month, Sun Pharma through its subsidiary had launched a tender offer at a price of 7.75 dollar per share to acquire all outstanding ordinary shares of Taro, including the founders' shares.
Sun claimed that Alkalodia exercised its option under the agreement to acquire all the shares held by controlling shareholders of Taro, under the option agreement signed with the company in last year's 454-million dollar merger.
Taro has unilaterally terminated the merger agreement citing undervaluation, which Sun Pharma challenged at the New York Supreme Court. However, the Israeli company had termed the tender offer by Sun Pharma as a 'sham'.
"It is a 'sham' offer, because we believe Sun knows that it will not be accepted by the shareholders," Taro said to its shareholders. PTI DSH RMI KD 07151449 DEL NNNN Sun Pharma extends date of open offer
New Delhi, July 14 (PTI) Five days after the Israel-based Taro Pharmaceutical termed the open offer launched by Sun Pharmaceuticals as 'sham', the Mumbai-based firm today extended the expiry date of the open offer to September 2.
Sun Pharma today said its subsidiary, Alkalodia Chemical Exclusive Group has extended the expiry date of the Tender Offer for purchase of all outstanding ordinary shares of Taro Pharmaceuticals.
The offer was previously scheduled to expire on Monday, July 28, 2008.
"The extension was recommended by Tel-Aviv court to allow the court to rule on the merits of the litigation commenced against Alkalodia...Regarding the applicability of the special tender offer rules under the Israeli law," Sun Pharma said in a statement.
Such recommendations for the extension was agreed upon by all parties to the litigation, the company said.
Last month, Sun Pharma through its subsidiary had launched a tender offer at a price of 7.75 dollar per share to acquire all outstanding ordinary shares of Taro, including the founders' shares.
Sun claimed that Alkalodia exercised its option under the agreement to acquire all the shares held by controlling shareholders of Taro, under the option agreement signed with the company in last year's 454-million dollar merger.
Taro has unilaterally terminated the merger agreement citing undervaluation, which Sun Pharma challenged at the New York Supreme Court. However, the Israeli company had termed the tender offer by Sun Pharma as a 'sham'.
"It is a 'sham' offer, because we believe Sun knows that it will not be accepted by the shareholders," Taro said to its shareholders.
