Sun Pharma extends Taro share purchase offer period

New Delhi, Sep 4: Sun Pharmaceuticals Industries Ltd has extended its offer period for the purchase of shares of South Africa-based Taro Pharmaceuticals till Oct 3, it said Thursday.

In a regulatory statement, Sun Pharma said the tender offer was extended to comply with an order of the Israeli Supreme Court to temporarily stop the closing of the offer, till the apex court announced a decision on the litigation against Sun's subsidiary, Alkaloida Chemical Co.

The appeal litigation has been brought by some Taro directors regarding the applicability of the special tender offer rules under the Israeli companies law to the offer.

The Sun Pharma statement said a Tel-Aviv district court had previously ruled in its favour, saying a special tender offer was not required.

It added that the Supreme Court had noted that while the appeal will not be heard later than Dec 15, no briefing schedule has been announced.

Sun Pharma said if the Supreme Court has not decided the appeal by Oct 3, then the company would further extend the offer while the temporary orders remains in force.

The tender offer was previously scheduled to expire Sep 3 at 5 p.m., New York City time (Sep 4 in India, 2.30 a.m. Indian Standard Time).