Sun Pharmaceutical Announces Expiration of Offer for Taro

-


Sun Pharmaceutical Industries Ltd. today announced the expiration of the Tender Offer by Sun’s subsidiary, Alkaloida Chemical Company Exclusive Group Ltd., to purchase all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. for $7.75 per Ordinary Share.


“Sun is pleased to be able to finally close the Offer,” said Dilip Shanghvi, Chairman and Managing Director of Sun. Transactions contained in an Option Agreement related to the transfer of Taro shares owned or controlled by the Levitts to Sun and its affiliates are to be consummated contemporaneously with the expiration of the Offer. “We will now make every effort to consummate our Option Agreement to purchase the Levitts’ controlling shares of Taro,” he added.


Sun has been informed by Computershare, the Depositary for the Offer, that as of the expiration of the Offer at midnight, New York City time, on September 14, 2010, a total of 29,382 Ordinary Shares, or approximately 0.07% of Taro’s outstanding Ordinary Shares, had been tendered into the Offer and not withdrawn. No Ordinary Shares were tendered subject to guaranteed delivery. All Ordinary Shares validly tendered and not properly withdrawn prior to the expiration of the Offer have been accepted and Alkaloida will pay for such Ordinary Shares promptly.


As of 9:00 a.m., New York City time, on September 15, 2010, Alkaloida commenced a subsequent offering period for all remaining Ordinary Shares that have not yet been tendered. Stockholders who tender Ordinary Shares during such period will be paid the same $7.75 per Ordinary Share, net to the seller in cash (subject to applicable withholding taxes), paid during the Offer. Ordinary Shares tendered during the subsequent offering period may not be withdrawn. Alkaloida will immediately accept any Ordinary Shares validly tendered during the subsequent offering period as they are tendered, and will pay for such Ordinary Shares promptly. The subsequent offering period will expire at 12:00 midnight, New York City time, on Tuesday, September 28, 2010.



Share |

Comments

Post a Comment

Popular posts from this blog

Abbott Laboratories Buys Piramal Healthcare Limited Biz for $3.72B

-
Abbott May 21 announced a definitive agreement with Piramal Healthcare Limited to acquire full ownership of Piramal's Healthcare Solutions business (Domestic Formulations), a leader in the Indian branded generics market, for an up-front payment of $2.12 billion , plus $400 million annually for the next four years, giving Abbott the No. 1 position in the Indian pharmaceutical market. This further accelerates Abbott's emerging markets growth following the recent acquisition of Solvay Pharmaceuticals and announcements last week of Abbott's collaboration with Zydus Cadila as well as the creation of a new stand-alone Established Products Division to focus on expanding the global markets for its leading branded generics portfolio. "This strategic action will advance Abbott into the leading market position in India , one of the world's most attractive and rapidly growing markets," said Miles D. White , chairman and chief executive officer, Abbott. ...
Read more

Top 25 Indian Bioinformatics Companies

-
Here is another, quite interesting blog page with a list of Top 25 Indian Bioinformatics Companies by a fellow blogger Nabeel Basheer, while there is no actual criteria behind listing these 25 companies. It is a good handy list just in alphabetic order for all those job seekers. More so a good chronicle of the local informatics industry as well. 1. Accelrys Software Solution Pvt Ltd. 12th Floor, Discover, ITPL, White Field, Bangalore-65. www.accelrys.com 2. Apticraft Systems (P) Ltd. 142, Electronics Complex, Pardeshipura, Indore – 452010 (M.P.), India www.apticraft.com 3. Aptuit Informatics Plot No. 100-103, Export Promotion Industrial Park, White Field, Bangalore-560066 www.aptiuit.com 4. Bigtec J. K. Towers, 8th Block, Sangam Circle,46th Cross, Bangalore-560082. www.bigtec.org 5. Bijam Biosciences Private Limited Nagarjuna Hills, Hyderabad 500 082, India www.nagarjunagroup.com 6. Bio Base Databases India Pvt Ltd. Crescent Towers, 4th Floor, No : 32/1, Crescent Road, Bnagalore -...
Read more