Sun Ends Efforts To Buyout Taro Pharma
Sun Pharmaceutical Industries has ended its effort to buy the remaining stock of Taro Pharmaceutical Industries for approximately $685 million after Taro shareholders held out for a higher price.
Sun and Taro releases a joint statement today saying that terminating the $39.50 a-share merger agreement “was in the best interest of the respective companies and shareholders.” The board of Yakum, Israel-based Taro had initially agreed to the deal in August after rejecting a $24.50 a-share proposal in July. Sun, based in Mumbai, already owns 61 percent of Taro.
Sun Pharma, India’s largest drug maker by market value, has been trying to close a deal with Taro for six years. When the pharma giant first began bidding for Taro in 2007 it was losing money; however, since the company has become profitable and even before it agreed in August for Sun to buy the remaining shares, Taro’s stock price surpassed the offer price.
Taro shares rose 0.2 percent to close at $50.55 in New York trading yesterday.
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