Caraco Pharmaceutical Laboratories Announces Successful Tender
Offer To Acquire DUSA
DETROIT, Dec. 20, 2012
/PRNewswire/ -- Caraco Pharmaceutical Laboratories, Ltd.
("CPL"), a subsidiary of Sun Pharmaceutical Industries Limited
("Sun Pharma"), today 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. (NASDAQ GM: DUSA) ("DUSA") for $8.00 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 (at the end of the day 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tendered into the offer and not properly withdrawn will be accepted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.
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delivery) had been validly tendered and not properly withdrawn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%
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
(i) DUSA as treasury stock or (ii) 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.
About Caraco Pharmaceutical Laboratories
Detroit-based Caraco
Pharmaceutical Laboratories, Ltd. develops, manufactures, markets
and distributes generic pharmaceuticals to the nation's largest
wholesalers, distributors, drugstore chains and managed care
providers.
SOURCE Caraco Pharmaceutical Laboratories, Ltd.
