Free Newsletter
Sun Pharmaceuticals receives favorable ruling
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 in Forbes
- see more at Nasdaq
- find the Market Watch coverage
Related Articles:
Sun responds to Taro's termination of merger agreement
Taro: Sun offer inadequate, a 'sham' and violates Israeli law
Sun keeps tabs on Taro facility sale
Sun to Taro: Too late to call off merger
Comments
Post new comment
Paid Research Reports
- The Top 10 Biosimilar Players: Positioning, performance and SWOT analyses
- New Approaches to Pharma R&D: Evolving strategies to rejuvenate R&D efficiency
- Stakeholder Opinions: Vaccine antigen delivery technologies - Molecular systems to open new markets
- The Top 10 Contract Research Organizations
- Stakeholder Opinions: Vaccine administration technologies - Beyond needles
- Future Pharmaceutical Industry Trends: Long-term opportunities tempered by short-term challenges





Click here to get the FiercePharma email newsletter for FREE!
Be the first to comment