The tender offer, which was put forward by Sun Pharmaceutical Industries Ltd on June 30, to buy all outstanding ordinary shares of Israel’s Taro Pharmaceutical Industries Ltd and was suppose to close on July 28, has now been extended up to September 2.

Earlier, Sun Pharma had started the offer because Taro had terminated Sun’s $454-million merger proposal when the company decided to push through with its hostile bid for Taro’s outstanding ordinary shares.

A note said that till July 11, 700 ordinary shares had been tendered and not withdrawn from the offer.

The date was extended on the recommendation of the Tel-Aviv District Court. Sun Pharma said that the date of the offer was extended to allow the court to "rule on the merits of the litigation commenced against our subsidiary Alkaloida and its affiliates, by Taro and its directors, regarding the applicability of the special tender offer rules under the Israeli Companies Law."

The extended offer will now close on September 2 at 5pm New York time.