Sun Pharmaceutical extends tender offer for Taro
Ninety-two percent of seniors enrolled in the Medicare Part D prescription drug benefit in 2008 are satisfied with their coverage according to a national phone survey by RetireSafe, a nationwide education and advocacy group for older Americans. The findings were not unexpected. Similar surveys conducted over the last year found the same results. “The universal
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Sun Pharmaceutical Industries Ltd. today announced its subsidiary, Alkaloida Chemical Company Exclusive Group Ltd. (Alkaloida), has extended the Expiration Date of the Tender Offer for the purchase of all outstanding Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro).
The Offer will now expire at 5:00 p.m., New York City time, on Friday, January 30, 2009, unless further extended or earlier terminated. 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 until the Supreme Court issues a decision on the appeal of the litigation commenced against Alkaloida and its affiliates by Taro and certain of its directors regarding the applicability of the special tender offer rules under the Israeli Companies Law to the Offer. The Tel-Aviv District Court had previously ruled in favor of Sun that a special tender offer was not required.
Also today, Sun informed the Supreme Court of Israel that although Sun has been engaging in discussions, as previously instructed by the Supreme Court, to reach a settlement to resolve the dispute, those negotiations have been unsuccessful. Sun is now awaiting the decision of the Supreme Court. If the temporary order remains in effect on January 30, 2009, Sun expects to extend the Offer while the temporary order remains outstanding.
The Offer was commenced on June 30, 2008 in order to comply with the terms of the Option Agreement between Alkaloida and the controlling shareholders of Taro. Alkaloida exercised its options to acquire shares of Taro from the controlling shareholders on June 25, 2008. The Option Agreement required Alkaloida, promptly after exercising the options, to commence a tender offer at USD 7.75 per Ordinary Share of Taro held by other shareholders. The Offer had previously been scheduled to expire at 5:00 p.m., New York City time, on Friday, January 9, 2009. As of 5:00 p.m., New York City time, on January 6, 2009, 609,293 Ordinary Shares had been tendered and not withdrawn from the Offer.
GlaxoSmithKline plc has announced the successful completion of the tender offer by its wholly-owned subsidiary Gemstone Acquisition Corporation for shares of common stock of Genelabs Technologies, Inc. The tender offer expired at 12:00 midnight, New York City time, on Tuesday, January 6, 2009. The depositary for the tender offer has advised GSK that shareholders
Full Post: GSK completes tender offer for shares of Genelabs Technologies
GlaxoSmithKline has announced that Gemstone Acquisition Corporation, a wholly-owned subsidiary of GSK, is commencing a cash tender offer to purchase all outstanding shares of common stock of Genelabs Technologies, Inc., for $1.30 in cash without interest and less any required withholding taxes. The tender offer is being made pursuant to a previously announced Agreement and
Full Post: GlaxoSmithKline to acquire Genelabs Technologies
Johnson & Johnson has announced it has extended its previously announced cash tender offer, through its wholly-owned subsidiary, Binder Merger Sub, Inc., for all outstanding shares of common stock of Omrix Biopharmaceuticals, Inc. until 12:00 midnight (Eastern time), on Dec. 26, 2008, unless further extended. The tender offer was originally scheduled to expire at 12:00
Full Post: Johnson & Johnson extends cash tender offer for Omrix Biopharmaceuticals
GlaxoSmithKline has announced today that it has extended its previously announced tender offer to purchase all of the outstanding shares of common stock of Genelabs Technologies, Inc. for $1.30 in cash per share without interest and less any required withholding taxes, until 12:00 midnight EST on Friday, December 12, 2008, unless the tender offer is
Full Post: GlaxoSmithKline extends Genelabs offer
Eli Lilly and Company and ImClone Systems Incorporated have announced the successful completion of the previously announced tender offer by Lilly’s wholly-owned subsidiary, Alaska Acquisition Corporation, for all outstanding shares of ImClone at a price of $70.00 per share in cash. The offer expired at 12:00 midnight EST, on Thursday, November 20, 2008. The depositary
Full Post: Eli Lilly completes tender offer for ImClone Systems