Sun Pharma Of India Extends Deadline For Shares Of Israel’s Taro
This article was originally published in PharmAsia News
Executive Summary
India's Sun Pharmaceuticals has extended its offer for the shares of Israel's Taro Pharmaceuticals after failing to obtain all the shares by Oct. 3. The new deadline would be Sun's third for the firm, after encountering legal problems with the first one. The effort is a hostile takeover by Sun, which had a merger agreement with Taro earlier this year that fell apart. Sun already has 38 percent of Taro stock and is seeking to increase that to 48 percent, giving it 60 percent of voting rights and control of the Israeli firm. Legal issues involving the case are expected to be taken up by Dec. 15. (Click here for more