Sun subsidiary extends tender offer to buy remaining shares of Taro

MUMBAI, India A subsidiary of Sun Pharmaceutical Industries has extended the expiration date of the tender offer to purchase all outstanding ordinary shares of Taro Pharmaceutical Industries.

Alkaloida Chemical Company Exclusive Group said the offer would expire Dec. 19 at 5 p.m. Alkaloida extended the tender offer to comply with a continuing order issued by the Supreme Court of Israel that temporarily prohibited closing the offer until the court issued a decision on the appeal of litigation against Alkaloida by Taro.

The court will hear arguments regarding the appeal on Dec. 8. If the temporary order remains in effect on Dec. 19, Sun will further extended the offer.

India-based Sun announced its offer to buy Israel-based Taro on June 30.