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Sun Pharmaceutical extends tender offer for Taro
By Lisa Kerner
Charlotte, N.C., Sept. 3 - Sun Pharmaceutical Industries Ltd. subsidiary Alkaloida Chemical Co. Exclusive Group Ltd. extended the expiration date of its tender offer for Taro Pharmaceutical Industries Ltd.'s outstanding shares to 5 p.m. ET on Oct. 3 from Sept. 3.
Sun said 9,226 ordinary shares had been tendered and not withdrawn as of 5 p.m. on Sept. 2.
According to a Sun news release, the Supreme Court of Israel temporarily prohibited the closing of the offer pending an appeal by Taro scheduled to be heard on or before Dec. 15.
The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required, Sun said. Taro's controlling shareholders, led by company chairman Barrie Levitt, were ordered to deliver their shares under their option agreement with Sun.
It was previously reported that Levitt and the controlling shareholders granted Sun an option to acquire all their shares, including the founders' shares, if a merger of the two companies was not consummated under a May 2007 agreement.
Alkaloida began the $7.75-per-share offer on June 30, and the offer was originally set to end July 28, it was previously reported.
Dealer manager for the tender offer is Greenhill & Co., LLC. MacKenzie Partners, Inc. is the information agent.
In May 2007 Taro agreed to be acquired by Sun for $7.75 per share in cash in a deal valued at $454 million including the refinancing of about $224 million in net debt. Taro terminated the deal on May 28.
Taro maintained that either party could terminate the agreement after Dec. 31, 2007, but Sun disagreed and filed an action in the Supreme Court of the State of New York against Taro and its full board of directors.
Mumbai, India-based Sun makes specialty pharmaceuticals and active pharmaceutical ingredients.
Taro is a pharmaceutical company with offices in Israel and Hawthorne, N.Y.
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