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Supreme Court of Israel Rules in Favor of Sun Pharmaceutical Industries Ltd



9/8/2010 11:24:00 AM

MUMBAI, India--(BUSINESS WIRE)--Sun Pharmaceutical Industries Ltd. (Sun) (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that the Supreme Court of Israel has unanimously dismissed the appeal by Taro Pharmaceutical Industries Ltd. (Taro) (Pink Sheets: TAROF) of the previous ruling by the Tel-Aviv District Court holding that the Israeli special tender offer (STO) rules do not apply to the Tender Offer by Sun’s subsidiary, Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), to purchase all outstanding Ordinary Shares of Taro for USD 7.75 net per Ordinary Share in cash. The Court also lifted its temporary order that prohibited the closing of the Offer prior to its ruling.

Read at BioSpace.com


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