MUMBAI: It's advantage Sun Pharma. A US district court on Thursday ruled in favour of Sun Pharma, dismissing the complaint filed by Taro seeking to block the tender offer by the Indian firm for the purchase of the Israeli company's outstanding ordinary shares.
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The Israel-based Taro had filed a complaint in the US court last year in an attempt to delay Sun's open offer launched in Israel for purchase of all its outstanding shares. Sun already owns 36% stake in Taro through its subsidiary, Alkaloida Chemical Company Exclusive Group (Alkaloida), and exercised the option to buy out the 12% stake held by the promoter's— Levitt family — in 2008. The US district court for the southern district of New York has rejected Taro's claims based on allegations that Sun and its subsidiary, Alkaloida, had failed to make adequate disclosures concerning the offer. The court also rejected Taro's request for discovery, remarking that Taro had not explained any purpose that discovery would serve. This is one of the hurdles to Sun Pharma's bid to control Taro. It still has to cross other hurdles, which include a case filed in the Isareli Supreme Court.Read full article here
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