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 Sha...