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Taro shareholder Templeton ups stake to 13.1%
By Lisa Kerner
Charlotte, N.C., Feb. 2 - A group of Taro Pharmaceutical Industries Ltd. investors led by Templeton Asset Management Ltd. bought 733,600 shares of the company's stock between Jan. 7 and Jan. 22 priced from $8.7397 to $9.50 each.
The transactions were reported in a schedule 13D/A filed with the Securities and Exchange Commission.
Templeton affiliates, along with Taro, are party to litigation in the Israeli Supreme Court against Sun Pharmaceutical Industries Ltd. The companies agreed to a 30-day mediation process in an attempt to resolve a dispute regarding Sun's proposed acquisition of Taro.
Taro agreed in May 2007 to be acquired by Sun for $7.75 per share and then terminated the agreement in May 2008. Sun offered to increase the price to $10.25 per share, but Taro rejected the offer.
Sun subsidiary Alkaloida Chemical Co. Exclusive Group Ltd. extended the expiration date of its $7.75-per-share tender offer for the outstanding ordinary shares of Taro to 5 p.m. ET on March 6 from Jan. 30.
The extension keeps Sun in compliance with a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the offer until the Supreme Court issues a decision on the appeal by Taro, Sun said.
As of 5 p.m. ET on Jan. 28, holders had tendered 28,713 ordinary shares.
Templeton said its discussions with parties interested in resolving certain claims by its affiliates regarding the proposed merger may result in the sale of all or a portion of its ordinary shares of Taro.
Currently, Templeton beneficially owns 5,159,765 shares, or 13.1%, of Taro.
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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