Sun Pharmaceutical, Taro merger clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C., Sept. 14 - The Hart-Scott-Rodino waiting period has expired in Sun Pharmaceutical Industries Ltd.'s tender offer for the outstanding shares of Taro Pharmaceutical Industries Ltd., according to a Sun news release.

Sun is conducting the offer through subsidiary Alkaloida Chemical Co. Exclusive Group Ltd.

The closing of the offer has been temporarily prohibited by the Supreme Court of Israel until it 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.

In May 2007, Taro agreed 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.

According to Sun, as of 5 p.m. ET on Sept. 11, 32,202 ordinary shares of Taro had been tendered and not withdrawn.

Greenhill & Co., LLC is the dealer manager and MacKenzie Partners, Inc. is the information agent for the tender offer.

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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