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Israeli court rejects Taro's call for special tender offer by Sun

This article was originally published in Scrip

Executive Summary

A Tel Aviv court has rejected Taro Pharmaceutical Industries' contention that Sun Pharmaceutical Industriesshould have conducted a "special tender offer" under Israeli Law. This paves the way for the completion of a previously announced tender offer by Sun for all outstanding ordinary shares of Taro. Sun's tender offer for Taro follows an acrimonious dispute over a merger pact between the two companies that Taro called off in May.

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