Sun Pharma extends offer for buying Taro's shares to Sept 2

New Delhi, Jul 15 (UNI) Drugmaker Sun Pharmaceutical Industries Ltd today said it has extended an offer to buy shares of Israel-based Taro Pharmaceutical Industries Ltd to September 2.

The extension was recommended by a Judge in Tel Aviv to allow the court to rule on Taro's legal challenge to the offer, the company said in a statement.

The original deadline was July 28.

The Mumbai-based company is seeking to buy Taro's all outstanding shares after a merger agreement collapsed in May.

The company is invoking a clause of the 2007 accord in which Taro's controlling shareholders, led by Chairman Barrie Levitt, allegedly granted Sun the option to buy all their shares if the merger failed.

UNI MP SG AS1228