India's Sun Pharma extends offer for Taro to Sept 2

Tag : pharma chemical

MUMBAI (Thomson Financial) - India-based Sun PharmaceuticalIndustries Ltd. unit Alkaloida Chemical Company Exclusive GroupLtd. has extended an offer to buy shares in U.S.-listed genericdrug maker Taro Pharmaceutical Industries Ltd. to 5 p.m. New Yorktime, Sept. 2, 2008.
Sun Pharma said the extension of the tender offer was recommendedby the Tel-Aviv District Court to allow the court to rule on themerits of the litigation commenced by Taro. The offer hadpreviously been scheduled to expire on July 28.
Alkaloida Chemical owns 36 percent in Taro, which gives it 24percent voting rights in the company.
In May 2007, Sun Pharma agreed to acquire Taro Pharma in a $454million all-cash deal including debt of $224 million. But on May 28this year Taro terminated the merger agreement saying the offer was'financially inadequate'.
At 10.49 a.m., Sun Pharma shares were down 3.23 percent at 1,294rupees on the Bombay Stock Exchange and the benchmark Sensex wasdown 2.74 percent at 12,965.51 points.

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