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Sun Pharma Gets U.S. FTC Approval for Taro Tender Offer

9:35 AM MDT | August 14, 2008 | Deepti Ramesh

Sun Pharmaceutical Industries (Mumbai) says the U.S. Federal Trade Commission (FTC; Washington DC) has given clearance for the previously announced tender offer by Alkaloida Chemical Company Exclusive Group (Tiszavasvari, Hungary), a subsidiary of Sun Pharma, for all outstanding ordinary shares of Taro Pharmaceutical Industries (Haifa, Israel). The tender offer, which began on June 30, will expire on September 2, Sun Pharma says. This news follows Taro’s decision in May to terminate the $454-million merger agreement signed between the two companies in May...

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