Israel's Supreme Court rules in favor of Sun Pharma, lifting injunction on Taro takeover

9 September 2010

Indian drugmaker Sun Pharmaceutical Industries (SUNP: IN) revealed that the Supreme Court of Israel has unanimously dismissed the appeal by Taro Pharmaceutical Industries (Pink Sheets: TAROF) of the previous ruling by the Tel-Aviv District Court holding that the Israeli special tender offer rules do not apply to Sun's subsidiary, Alkaloida Chemical to purchase all outstanding ordinary shares of Taro for $7.75 net per share in cash. The Court also lifted its temporary order that prohibited the closing of the offer prior to its ruling.

Sun, which already holds a 36% stake in Taro, has been trying to gain control of the company ever since its $454 million merger deal of 2007 was terminated unilaterally by the Israeli firm in 2008. The news saw Sun's share rise around 3% to 1,773.95 rupees on the National Stock Exchange.

Acquisition would bring in complimentary products

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