MUMBAI, India, July 14 /PRNewswire/ -- Sun Pharmaceutical Industries Ltd.
(Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUN PHARMA, BSE: 524715) today
announced its subsidiary, Alkaloida Chemical Company Exclusive Group Ltd.
(Alkaloida), has extended the Expiration Date of the Tender Offer for purchase
of all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd.
(Taro). The Offer has been extended to 5:00 p.m., New York City time, on
Tuesday, September 2, 2008. This extension of the Expiration Date of the
Tender Offer was recommended by the Honorable Judge Dr. Michal Agmon-Gonen J.
of the Tel-Aviv District Court in order to allow the court to rule on the
merits of the litigation commenced against Alkaloida and its affiliates by
Taro and certain of its directors regarding the applicability of the special
tender offer rules under the Israeli Companies Law to the Offer. Such
recommendation for extension was agreed upon by all parties to the litigation.
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. The Offer
had previously been scheduled to expire at 12:00 midnight, New York City time,
on Monday, July 28, 2008. As of 5:00 p.m., New York City time, on July 11,
2008, 700 Ordinary Shares had been tendered and not withdrawn from the Offer.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.
About Sun Pharmaceutical Industries Ltd.
Established in 1983, listed since 1994 and headquartered in India, Sun
Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:
SUNPHARMA, BSE: 524715) is an international, integrated, speciality
pharmaceutical company. It manufactures and markets a large basket of
pharmaceutical formulations as branded generics as well as generics in India,
U.S. and several other markets across the world. In India, the company is a
leader in niche therapy areas of psychiatry, neurology, cardiology,
diabetology, gastroenterology, and orthopedics. The company has strong skills
in product development, process chemistry, and manufacturing of complex API,
as well as dosage forms. More information about the company can be found at
www.sunpharma.com.
Contacts
Uday Baldota Mira Desai
Tel +91 22 6645 5645, Xtn 605 Tel +91 22 6645 5645, Xtn 606
Tel Direct +91 22 66455605 Tel Direct +91 22 66455606
Mobile +91 98670 10529 Mobile +91 98219 23797
E mail uday.baldota@sunpharma.com E mail mira.desai@sunpharma.com
Brunswick Group for Sun Pharma MacKenzie Partners
Nina Devlin / Erin Becker Robert Marese
+1 212 333 3810 +1 212 929 5500
Arad Communications for Sun Pharma Greenhill
Gali Dahan Ashish Contractor
+972 3 7693320 +1 212 389 1537
SOURCE Sun Pharmaceutical Industries Ltd.
Uday Baldota, +91 22 6645 5645, Xtn 605, or +91 22 66455605, Mobile, +91 98670
10529, uday.baldota@sunpharma.com, or Mira Desai, +91 22 6645 5645, Xtn 606,
or, +91 22 66455606, Mobile, +91 98219 23797, mira.desai@sunpharma.com;
Brunswick Group for Sun Pharma, Nina Devlin, or Erin Becker, +1-212-333-3810;
Robert Marese, MacKenzie Partners, +1-212-929-5500; Arad Communications for
Sun Pharma, Gali Dahan, +972 3 7693320; Ashish Contractor, Greenhill,
+1-212-389-1537
