Caraco Pharmaceutical Laboratories Ltd. or CPL, a subsidiary of Sun Pharmaceutical Industries Limited, announced that in connection with the previously announced merger agreement, the tender offer by Caraco Acquisition Corporation, a wholly-owned subsidiary of CPL, to acquire all of the outstanding shares of common stock of DUSA Pharmaceuticals Inc. (DUSA: Quote) for $8.00 per share expired at 12:00 Midnight, New York City time, on December 19, 2012.
The depositary for the tender offer has advised that, as of the offer’s expiration, 20.95 million shares of common stock of DUSA,excluding approximately 1.04 million shares subject to guarantees of delivery, had been validly tendered and not properly withdrawn pursuant to the tender offer, which represents approximately 82.4% of the outstanding shares of DUSA.
CPL said it 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 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.
In November, DUSA Pharma announced a definitive agreement for Sun Pharma to acquire all outstanding shares of DUSA for $8.00 per share, representing a collective value of $230 million in cash.
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by RTT Staff Writer
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