Advantage Sun ; Sun Pharma's Hostile Bid to Take Over Israeli Drug Major Taro Pharma Received a Fillip Last Fortnight. An Israeli Court Ruled in Favour of Sun and Against the Motion of Taro to Conduct a Special Tender Offer.

Summary

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Sun pharma's hostile bid to take over Israeli drug major Taro Pharma received a fillip last fortnight. An Israeli court ruled in favour of Sun and against the motion of Taro to conduct a special tender offer. Taro's directors had filed a suit in June this year, requesting a Tel Aviv court to force Sun to comply with special tender offer rules. Such regulation is meant to protect minority shareholders' interests under Israeli law.

Basically, this case is a big win for Sun. It proves that we have done everything that was to be done and Taro was not doing what was in the best interest of its shareholders, says a Sun Pharma spokesperson commenting on the ruling.

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Extract

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Advantage Sun ; Sun Pharma's Hostile Bid to Take Over Israeli Drug Major Taro Pharma Received a Fillip Last Fortnight. An Israeli Court Ruled in Favour of Sun and Against the Motion of Taro to Conduct a Special Tender Offer.

It may be recalled Sun and Taro had signed a merger agreement last May, which Taro withdre...

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