MUMBAI, India, Aug. 13 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd. today announced that as of 11:59 p.m. on August 12, 2009, the early termination of the Hart-Scott-Rodino (HSR) Act waiting period, previously granted by the U.S. Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice for the Tender Offer by Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), a subsidiary of Sun, for all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro), has expired. As of such time, the HSR condition to the Offer is no longer satisfied. Sun intends to re-file its HSR application to restart the HSR Act waiting period.
The Offer was commenced on June 30, 2008 in order to comply with the terms of the Option Agreement between Alkaloida and the controlling shareholders of Taro. Alkaloida exercised its options to acquire shares of Taro from the controlling shareholders on June 25, 2008. The Option Agreement required Alkaloida, promptly after exercising the options, to commence a tender offer at USD 7.75 per Ordinary Share of Taro held by other shareholders. As of 5:00 p.m., New York City time, on August 12, 2009, 32,247 Ordinary Shares had been tendered and not withdrawn from the Offer.
Greenhill & Co., LLC is acting as the Dealer Manager for the Tender Offer and MacKenzie is acting as the Information Agent for the Tender Offer.
Contacts
Sun Pharmaceutical Industries Ltd.
