Sun Pharmaceutical restarts HSR process in proposed deal with Taro

By Lisa Kerner

Charlotte, N.C., Aug. 28 - Sun Pharmaceutical Industries Ltd. filed a new application with the Federal Trade Commission on Thursday to restart the Hart-Scott-Rodino waiting period in the company's proposed acquisition of Taro Pharmaceutical Industries Ltd.

According to Sun, its offer is currently subject to a continuing order issued by the Supreme Court of Israel that temporarily prohibits closing the offer until the court issues a decision on Taro's appeal.

Previously, the Tel-Aviv District Court ruled in favor of Sun that a special tender offer was not required.

Sun's offer will expire on the fifth business day following the announcement by Sun of a ruling by the Supreme Court.

Taro agreed in May 2007 to be acquired by Sun for $7.75 per share and then terminated the merger agreement in May 2008. Sun offered to increase the price to $10.25 per share, which Taro rejected.

Sun exercised some options to acquire shares of Taro from the company's controlling shareholders on June 25, 2008 and began the tender offer on June 30, 2008.

As of 5 p.m. ET on Aug. 27, 32,252 ordinary shares of Taro had been tendered and not withdrawn in the $7.75-per-share offer, Sun said.

The dealer manager for Sun's offer is Greenhill & Co., LLC. MacKenzie Partners, Inc. is the information agent.

Taro is a pharmaceutical company with offices in Israel and Hawthorne, N.Y.

Mumbai, India-based Sun makes specialty pharmaceuticals and active pharmaceutical ingredients.

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