Sun rises on likely extension of Taro offer

DALAL STREET SPIKES

Sun Pharma rose 2.20 per cent to close at Rs 1,484.55 after reports surfaced that the company may extend its tender offer for all outstanding shares of Taro, until November 7. As per the earlier proposal, the tender offer was to expire on October 3.

The tender offer is priced at $7.75 per share and in the eventuality of the offer being fully subscribed, Sun’s equity interest in the Israeli pharma company will increase from 36 per cent to 48 per cent. Sun hit an intraday high of Rs 1,495 and a low of Rs 1,432, with trading volumes of 8,912.