FTC Clears Sun Pharma’s Offer to Buy Taro

The U.S. Federal Trade Commission (FTC; Washington) has cleared the tender offer of Alkaloida Chemical Company Exclusive Group (Tiszavasvari, Hungary), a Sun Pharmaceutical Industries (Mumbai) subsidiary, for all outstanding ordinary shares of Taro Pharmaceutical Industries (Haifa, Israel). Alkaloida launched a June 30 tender offer of $7.75/share, which is set to expire on September 2. Taro was trading at $9.80/share at CW presstime. The hostile bid follows Sun’s failed attempt to acquire Taro for $454 million earlier this year (CW, June 9/16, p. 33). Taro...

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