Updated on 21 December 2012
Caraco closed tender offer to acquire DUSA at midnight on Dec 19
Mumbai: Caraco Pharma subsidiary, Caraco Acquisition, highlighted that its tender offer to acquire all of the outstanding shares of common stock of DUSA Pharmaceuticals for $8 per share (net to the seller thereof in cash, without interest thereon and less any applicable withholding taxes) expired at 12:00 midnight, New York City time, on December 19, 2012.
All shares that were validly tendered into the offer and not properly withdrawn will be accepted for payment and paid promptly in accordance with the terms of the offer. Caraco Pharmaceutical Laboratories or CPL is a subsidiary of Sun Pharmaceutical Industries.
The depositary for the tender offer has advised that, as of the offer's expiration, 20,946,624 shares of common stock of DUSA (excluding approximately 1,035,094 shares subject to guarantees of delivery) had been validly tendered and not properly withdrawn pursuant to the tender offer, which represents approximately 82.4 percent of the outstanding shares of DUSA.
CPL intends to promptly move forward with a "short-form" merger under New Jersey law after exercising its top-up option under the merger agreement, and DUSA will become a wholly owned subsidiary of CPL. The merger is expected to be completed on or about December 20, 2012.
As a result of the merger, any shares of DUSA common stock (except for shares held by DUSA as treasury stock or Sun Pharma, CPL or their direct or indirect subsidiaries) not previously tendered, will be cancelled and shall cease to exist and will be converted into the right to receive the same $8.00 per share in cash paid in the tender offer. Following the merger, DUSA's common stock will cease to be traded on the NASDAQ Global Market.