Sun Pharmaceutical Industries slipped 3.53% to Rs 1290.05 after the company extended the date for tender offer to buy all outstanding shares of Israel's Taro Pharmaceutical Industries.
The counter clocked a volume of 3538 shares. The stock touched a high of 1317.95 and a low of Rs 1286.
The extension to 2 September 2008 was recommended by a judge in Israel to allow the court to rule on Taro's legal challenge to the offer. The original deadline was 28 July 2008.
Sun is seeking to force Taro's controlling shareholders to sell their stakes after a merger agreement collapsed in May 2008. The Mumbai-based company is invoking a clause of the 2007 accord in which Taro's controlling shareholders, led by Chairman Barrie Levitt, granted Sun the option to buy all their shares if the merger failed.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment