HSR Act waiting period for Taro open offer expires: Sun Pharma

Pharma major, Sun Pharmaceutical Industries has said that the Hart-Scott-Rodino (HSR) Act waiting period in connection with the tender offer by Alkaloida Chemical Company Exclusive Group (Alkaloida), a subsidiary of the company, for all outstanding ordinary shares of Taro Pharmaceutical Industries (Taro) expired on September 11, 2009.

The offer was commenced on June 30, 2008 in order to comply with the terms of the option agreement between Alkaloida and the controlling shareholders of Taro, the company said in its filing with the BSE.

It further said that as of September 12, 2009, the HSR condition to the offer was satisfied.

Earlier, the $454 million all-cash deal from Sun Pharma to acquire Taro was terminated by the latter on valuation differences.

This was followed by an open offer from the Indian pharma major at a price of $7.75 per share through its subsidiary Alkodia which was defied by Taro in the Supreme Court of Israel.

Now the offer is subject to 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 (STO) rules under the Israeli Companies Law to the offer.

Sun Pharmaceutical Industries is an international, integrated, speciality pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world.