Exhibit
(a)(5)(C)
17/B, Mahal Industrial Estate,
Mahakali Caves Road,
Andheri (East), Mumbai 400 093 India
Tel.: (91-22) 6645 5645
Fax.: (91-22) 6645 5685
Mahakali Caves Road,
Andheri (East), Mumbai 400 093 India
Tel.: (91-22) 6645 5645
Fax.: (91-22) 6645 5685
For
Immediate Release
Sun Pharma Commences All Cash Tender Offer to Purchase Taro Ordinary Shares for USD 7.75 Per Share
Mumbai, India: June 30, 2008: Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP
IN, NSE: SUNPHARMA, BSE: 524715) today announced that Alkaloida Chemical Company Exclusive Group
Ltd. (Alkaloida), a subsidiary of Sun Pharma, has commenced a tender offer for all outstanding
Ordinary Shares of Taro Pharmaceutical Industries Ltd. (Taro) for USD 7.75 per share in cash.
On May 18, 2007, Taro and Sun Pharma’s subsidiaries entered into a Merger Agreement whereby Sun
Pharma’s subsidiary would acquire Taro, which the Taro Board of Directors unanimously approved. In
the event the merger was not consummated, Taro’s controlling shareholders led by Taro’s Chairman,
Barrie Levitt, granted Sun Pharma an option to acquire all their shares, including all of the
Founders’ Shares of Taro. On May 28, 2008, Taro improperly terminated the Merger Agreement, an
action which Sun has challenged in the Supreme Court of the State of New York.
On June 25, 2008, Alkaloida exercised its Option under its Option Agreement to acquire all the
shares held by the controlling shareholders of Taro. As required by the Option Agreement,
Alkaloida has commenced a Tender Offer for all Ordinary Shares. The Option Agreement required that
the Tender Offer be at USD 7.75 per share.
The tender offer is scheduled to expire at 12:00 midnight, New York City time, on Monday, July 28,
2008, unless the tender offer is extended.
The tender offer is not conditioned on the availability of financing or the approval of the Board
of Directors of Taro.
The complete terms and conditions will be set out in the Offer to Purchase, which will be filed
with the U.S. Securities and Exchange Commission today, June 30, 2008. Taro shareholders may
obtain copies of all of the offering documents, including the Offer to Purchase, free of charge at
the SEC’s website (www.sec.gov) or by directing a request to MacKenzie Partners, Inc., the
Information Agent for the offer, at 105 Madison Avenue, New York, New York 10016, (212) 929-5500
(Call Collect) or Call Toll-Free (800) 322-2885, Email: tenderoffer@mackenziepartners.com.
Greenhill & Co., LLC is acting as the Dealer Manager for the tender offer and MacKenzie is acting
as the Information Agent for the tender offer.
About Sun Pharmaceutical Industries Ltd.
Established in 1983, listed since 1994 and headquartered in India, Sun Pharmaceutical Industries
Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN, NSE:SUNPHARMA, BSE: 524715) is an international,
integrated, speciality pharmaceutical company. It manufactures and markets a large basket of
pharmaceutical formulations as branded generics as well as generics in India, US and several other
markets across the world. In India, the company is a leader in niche therapy areas of psychiatry,
neurology, cardiology, diabetology, gastroenterology, and orthopedics. The company has strong
skills in product development, process chemistry, and manufacturing of complex API, as well as
dosage forms. More information about the company can be found at www.sunpharma.com.
| Contacts | ||||||
Uday Baldota
|
Mira Desai | |||||
Tel
|
+91 22 6645 5645, Xtn 605 | Tel | +91 22 6645 5645, Xtn 606 | |||
Tel Direct
|
+91 22 66455605 | Tel Direct | +91 22 66455606 | |||
Mobile
|
+91 98670 10529 | Mobile | +91 98219 23797 | |||
E mail
|
uday.baldota@sunpharma.com | E mail | mira.desai@sunpharma.com |