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news.India-based Sun Pharmaceutical Industries has announced that its subsidiary Alkaloida Chemical Company Exclusive Group has extended the expiration date of the tender offer for the purchase of all outstanding ordinary shares of US-based Taro Pharmaceutical Industries.
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The offer will now expire on January 9, 2009, unless further extended or earlier terminated.
The tender offer was extended to comply 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 of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer rules under the Israeli Companies Law to the offer.
The Tel-Aviv District Court had previously ruled in favor of Sun Pharma that a special tender offer was not required.
The offer had previously been scheduled to expire on December 19, 2008. As of December 18, 2008, 613,936 ordinary shares had been tendered and not withdrawn from the offer.