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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.
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Story first published: Tuesday, July 15, 2008, 13:03 [IST]
