Taro rejects Sun Pharma plan to buy remaining shares
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Taro rejects Sun Pharma plan to buy remaining shares

Mumbai: Drug-maker Sun Pharma’s tryst continues with the minority shareholders in its Israeli subsidiary Taro Pharmaceutical Industries, which rejected the "unsolicited, non-binding offer from Sun Pharmaceutical Industries Ltd"

Sun and its affiliates had offered to purchase all of the issued and outstanding shares of Taro which are not currently held by Sun Pharma, for $24.50 per share.

But the committee rejected the offer as it was "inadequate and not in the best interests of Taro's minority shareholders". The Special Committee reached its conclusion after careful consideration, including a thorough review of Taro's business and prospects with its independent financial advisor and independent legal counsel, as well as its Israeli legal counsel and its US legal counsel, Taro said.
Sun Pharma holds about 66 per cent in Taro, and Sun's top management has in the past stuck to its guns, maintaining that the company will follow the "rigid" process in place in the US and Israel to protect minority shareholders.

In 2007, Sun had made a $454 million proposal to acquire Taro -- a deal that was sealed after the two companies fought a long and cross-country battle.
Sun Pharma shares were marginally down at Rs 625, at noon, on the BSE, on Friday.

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