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| Sun Pharma gets US anti-trust clearance for open offer |
| Press Trust of India / New Delhi Sep 14, 2009, 21:51 IST |
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Sun Pharmaceutical Industries today said it has got clearance of US Anti-Trust authorities for its open offer to acquire additional shares of Israeli- drug maker Taro Pharmaceutical.
"Waiting period for the clearance of open offer expired on September 11, 2009, and the US authorities have not raised objection against the offer and as per law, if no objection is raised, it get cleared automatically," Sun Pharma spokesperson told PTI.
Sun Pharma had filed an application for review of its open offer, launched last year, for buying additional stake in Israel-based Taro Pharmaceuticals by the US authorities on August 28, 2009. It had to seek clearance from US authorities, under the Hart Scott Rodino (HSR) Act, which provides the US government an opportunity to review the potential effects of mergers, acquisition and other consolidation activities.
"As of September 12, 2009, the HSR condition to the offer is satisfied," Sun Pharma said in a statement.
The Act provides 15-day waiting period after submission of all transaction details with the government to access whether there is any violation of anti-trust laws. If US authorities do not raise any objection then the offer get cleared automatically. Both Sun Pharma and Taro are listed in the New York Stock Exchange.
Sun Pharma had commenced an open offer on June 30, 2008 at a price of $7.75 per share through its arm Alkodia to acquire all shares of Taro Pharmaceutical.
Last year, Taro had unilaterally terminated the $454 million merger agreement with Sun Pharmaceutical citing under valuation. After which Sun Pharma launched an open offer.
The move was challenged by Taro in the Israeli Supreme Court which has prohibited the Indian firm from closing the offer until it gives a verdict on the issue.
The offer is currently subject to a continuing order issued by the Supreme Court temporarily prohibiting the closing of the offer until it issues a decision on the appeal of litigation commenced against Alkodia, Sun Pharma said.
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