A Tel-Aviv court ruled in favor of Sun Pharmaceuticals, which is headquartered in India, to purchase the ordinary shares of Taro, a United States company.
Taro, which was the plaintiff in the case, said that Sun should have made a special tender offer based on Israeli law, but the court ruled that was unnecessary and that Taro should have paid closer attention to the documents before signing. Therefore, Sun's Alkaloida Chemical Co. Exclusive Group Ltd. unit offer will stand.
The two companies first agreed that Alkaloida would purchase Taro via a merger agreement on May 18, but Taro terminated the agreement just 10 days later. Then, Alkaloida moved forward with an option to acquire Taro shares on June 25. The tender offer will now close on September 3.
- read the story [1] in Forbes
- see more [2]at Nasdaq
- find the Market Watch coverage [3]
Related Articles:
Sun responds to Taro's termination of merger agreement [4]
Taro: Sun offer inadequate, a 'sham' and violates Israeli law [5]
Sun keeps tabs on Taro facility sale [6]
Sun to Taro: Too late to call off merger [7]
Links:
[1] http://www.forbes.com/afxnewslimited/feeds/afx/2008/08/27/afx5361699.html
[2] http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20080826\ACQRTT200808262332RTTRADERUSEQUITY_1165.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.nasd
[3] http://www.marketwatch.com/news/story/sun-file-amendment-tender-offer/story.aspx?guid=%7B697FC4B3%2D68EE%2D4DF2%2D993C%2D371C94EA8BBD%7D
[4] http://www.fiercebiotech.com/press-releases/sun-pharma-responds-taros-purported-termination-merger-agreement
[5] http://www.fiercebiotech.com/press-releases/taro-board-concludes-sun-tender-offer-financially-inadequate-sham-offer-and-violates-
[6] http://www.fiercepharma.com/story/sun-pharmaceuticals-keeps-tabs-taro-facility-sale/2008-06-25
[7] http://www.fiercebiotech.com/story/sun-to-taro-too-late-to-call-off-merger/2008-05-29