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Taro Pharmaceutical announces preliminary results of self-tender offer

Taro Pharmaceutical Industries announced the preliminary results of its modified “Dutch auction” tender offer to repurchase up to $200M in value of its ordinary shares, which expired at 12:00 midnight, New York City time, on Monday, December 23. Based on the preliminary count by American Stock Transfer & Trust Company, the Depositary for the tender offer, approximately 1.96 million ordinary shares were properly tendered and not properly withdrawn at or below the expected final purchase price of $97.50 per share, including shares that were tendered through notices of guaranteed delivery. In accordance with the terms and conditions of the tender offer, the company expects to acquire 1,959,514 ordinary shares at a final purchase price of $97.50 per share, for an aggregate purchase price of approximately $191M. These shares represent approximately 4.4% of the company’s issued and outstanding ordinary shares as of November 20.