Sun Pharma kicks off open offer to acquire Taro
Alkaloida Chemical Company has launched a tender offer at a price of $7.75 per share to acquire all outstanding ordinary shares of Taro. Day in pics
By PTI |
NEW DELHI: With the one-upmanship game between Sun Pharm and Taro showing no signs of let-up, the Mumbai-based company on Monday commenced an open offer to acquire the Israeli firm completely.
In a statement Sun said, its subsidiary Alkaloida Chemical Company Exclusive Group Ltd has launched a tender offer at a price of $7.75 per share to acquire all outstanding ordinary shares of Taro, including all of the founders' shares.
The tender offer is scheduled to expire on July 28, 2008 unless the offer is extended and is not conditioned on the availability of financing or the approval of the Board of Directors of Taro, Sun Pharma said.
Complete terms and conditions would be set out in the offer to purchase, which will be filed with the US Securities and Exchange commission today, Sun said.
In a statement Sun said, its subsidiary Alkaloida Chemical Company Exclusive Group Ltd has launched a tender offer at a price of $7.75 per share to acquire all outstanding ordinary shares of Taro, including all of the founders' shares.
The tender offer is scheduled to expire on July 28, 2008 unless the offer is extended and is not conditioned on the availability of financing or the approval of the Board of Directors of Taro, Sun Pharma said.
Complete terms and conditions would be set out in the offer to purchase, which will be filed with the US Securities and Exchange commission today, Sun said.
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Sun reiterated that Alkaloida exercised its option under the agreement, to acquire all the shares held by the controlling shareholders of Taro under the option agreement signed with Taro when 454-million dollar merger deal was struck last year.
Sun claimed that in case the merger was not consummated, the option agreement granted it option to acquire all shares of Taro, including all of the founder's shares, led by Taro's Chairman Barrie Levitt.
Taro unilaterally terminated the deal citing undervaluation, which Sun Pharma challenged in Supreme Court of the state of New York.
The option agreement also required that it specifically commenced its tender offer at 7.75 dollar per share within 30 days after termination of the merger agreement, it added.
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