Mumbai: Drug maker Sun Pharmaceuticals has said that the open offer for purchase of all outstanding shares of Taro has been extended to 3 October with a possibility of further extension, pursuant to an order by the Israeli Supreme Court.
Sun Pharma and its subsidiary, Alkalodia Chemical Exclusive Group, said that the extension of the open offer expiry date was recommended by the Israeli Supreme Court.
“If the temporary order remains in effect and the Supreme Court has not decided the appeal by 3 October, Sun will further extend the offer while the temporary order remains outstanding,” Sun Pharma said in a filing to the Bombay Stock Exchange.
The Supreme Court’s order said that the appeal would be heard before December 15.
Last week, a Tel-Aviv District Court had ruled in favour of Sun Pharma by rejecting Taro’s contention that the domestic drug firm should have conducted a special tender offer under the Israeli law.
Yesterday, Israel’s Supreme Court issued a temporary blocking to Sun’s bid to take over Taro.
The tender offer which opened on 30 June was previously scheduled to expire on 3 September.
Sun Pharma had launched an open offer at a price of $7.75 per share to acquire all outstanding shares of Taro, including all of the founders’ shares.
Sun Pharma claimed that Alkalodia exercised its option under the $454-million merger agreement signed with the Israeli firm last year to acquire all the shares held by the controlling shareholders of Taro.
Shares of Sun Pharma were trading at Rs1,516.90, down 0.92% on the BSE.