Sun Pharma requests a judgement from Israel’s Supreme Court

Sun said, in a SEC filing, it has extended the tender offer closing date from Jan 9 to Jan 30. It also said that it has informed the Supreme Court that its negotiations to reach a settlement have been unsuccessful. It is now awaiting the court’s decision in the matter. The dispute concerns the price at which Sun will acquire Taro’s shares from promoters and minority shareholders. Initially, Sun had offered $7.75 a share, which it then hiked to $9.50 a share, but Taro responded first with an offer to conduct a shareholder referendum to decide the price. Later, it proposed a revised offer price of $15 a share. Neither party found any of the opposite side’s solutions acceptable. Now, they will have to accept the court’s decision.