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Sun Pharmaceutical lawsuit causes Taro to cancel shareholder meeting
By Lisa Kerner
Charlotte, N.C., Sept. 11 - Taro Pharmaceutical Industries Ltd. postponed its Sept. 13 shareholders meeting due to a ruling by the Tel-Aviv District Court.
According to Taro, the court issued a temporary injunction to prevent Taro's shareholders from considering the proposed resolutions regarding indemnification until 21 days from the date Taro makes certain board meeting minutes available to Alkaloida Chemical Co. Exclusive Group Ltd. and Sun Pharma Global Inc.
The action has caused Taro's external director candidates to reconsider their nomination and led to the meeting postponement.
Taro's shareholders meeting called for Sept. 14 will held, according to a Taro news release.
In May 2007 Taro agreed to be acquired by Sun Pharmaceutical Industries Ltd. 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 previously reported in August, Sun filed a new application with the Federal Trade Commission to restart the Hart-Scott-Rodino waiting period in the company's proposed acquisition of Taro.
Sun's offer is 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 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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