Sun Pharma gets US FTC nod for Taro open offer

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New Delhi, Aug 14 (UNI) Sun Pharmaceutical Industries Ltd today said it has got US Federal Trade Commission's (FTC) approval for the open offer made by it to shareholders of Israel-based Taro.

The FTC has granted early termination of the anti-trust waiting period for the previously announced tender offer by its subsidiary, Alkaloida Chemical Company Exclusive Group Ltd, a company statement said.

Last month, the Mumbai-based firm had launched an open offer at a price of 7.75 Dollars per share to acquire all outstanding shares of Taro, including all of the founders' shares.

The open offer, which opened on June 30, is scheduled to expire on September 2, 2008, unless the offer is extended, the statement said.

Sun's open offer followed Taro's 'unilateral' termination of the 454 million Dollar merger agreement signed between the two firms.

Greenhill and Co LLC is acting as the dealer manager and MacKenzie is acting as the Information Agent for the tender offer, it added.

Sun Pharma 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 the merger deal was struck last year.

Sun, country's largest drugmaker by market value, had initiated a hostile effort to take over Israel-based Taro in June after the failure of a bid in May to buy the company for 230 million Dollars in cash and 224 million Dollars to refinance debt.


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