Mumbai based Sun Pharmaceutical Industries on Monday said that it had not received any “substantive response” from Israel based Taro and minority share holder Templeton on the proposals it submitted for the out of court settlement to resolve the dispute on acquisition of the company.
The Israeli Supreme Court had directed Sun and Taro on 8 December 2008 to explore options for an out of court settlement within 30 days. Sun Pharma informed the Bombay Stock Exchange (BSE) that it had sent two letters to Taro Pharmaceutical Industries Ltd (Taro) on January 02, 2009, based on the court directive.
The company said that in the second letter to the chairman of the audit committee of Taro it had highlighted concerns on the financial statements as depicted in the filing to Securities and Exchange Commission (SEC), USA by Taro. The company has also filed necessary notification in this regard with the SEC.
Last year in May Sun Pharmaceutical offered to by Taro for $230 million in cash and an additional $224 million to refinance debt. The gave Sun the right to buy all Taro shares owned or controlled by the Levitt and Moros families at $7.75 per share and offer to buy the remaining stock at the same price.
