Sun extends Taro open offer for the 10th time

India’s Sun Pharmaceutical Industries on Friday extended the open offer for acquiring Israeli drug maker Taro Pharmaceutical to April 17, 2009, marking it as the 10th extension in a row.

The offer was extended to April 17 as the Israeli Supreme Court temporarily prohibited the closing of the offer.

Sun Pharma, through its subsidiary, Alkalolda Chemical Company Exclusive Group, had commenced the open offer at a price of $7.75 per share on June last year to acquire all shares of Taro Pharmaceutical, which was challenged by the Israeli firm and court has prohibited the Indian firm from closing the offer until it gives verdict on the issue.