Sun Pharma offers to acquire remainder of Taro shares
Indian drugmaker Sun Pharmaceuticals (SUN: BO) has proposed to acquire the remaining shares of Israel-based Taro Pharmaceutical (Pink Sheets: TAROF) for $24.50/share in cash representing a 26% premium over Taro’s closing price on October 17, 2011 and/or 24% premium over closing price in the last 60 days. Sun Pharma currently holds around 66%, of Taro’s 44,535,832 ordinary shares outstanding.
In Sun Pharma’s letter to Taro, the company states that the proposal represents a valuation of approximately $1.09 billion for the company. Taro anticipates that an independent committee of its board of directors will review Sun Pharma’s proposal in due course.
Sun Pharma has been trying to gain control of the company ever since its $454 million - or $7.75 a share - merger deal of 2007 was terminated unilaterally by the Israeli firm in 2008 because it thought the offer price was inadequate. However, Sun continued to acquire shares in the Israeli company.
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