Sun extends Taro open offer to April 17

Sun Pharmaceutical Industries has extended the open offer for acquiring shares of Israeli drug maker Taro Pharmaceutical which was scheduled to expire today to April 17, 2009.

With this, the company has extended the expiry date of the open offer for the 10th time in a row.

Alkalolda Chemical Company Exclusive Group, a subsidiary firm of Sun Pharmaceutical, has extended the expiry date of the tender offer for purchasing all outstanding ordinary shares of Taro, the company said in a statement.

The tender offer was extended to comply with a continuing order issued by the Supreme Court of Israel temporarily prohibiting the closing of the offer.

If the temporary order of the Supreme Court of Israel remains in effect on April 17, 2009, the offer will be further extended, Sun Pharma said.

Sun Pharma had commenced open offer at a price of $7.75 per share on June last year through its subsidiary to acquire all shares of Taro Pharmaceutical, which was challenged by the Israeli firm and court has prohibited the Indian firm from closing the offer until it gives verdict on the issue.