Taro Pharma agrees to buyout offer from India's Sun Pharma
Aug 12 (Reuters) - Taro Pharmaceutical Industries said late on Sunday it has agreed to be taken private by Sun Pharmaceutical Industries, weeks after it rejected an earlier $367 million bid from the Indian drugmaker.
All shareholders of Taro other than Sun Pharmaceutical and its affiliates will receive a cash payment of $39.50 per share upon the closing of the deal, according to the terms released.
Sun Pharmaceutical had earlier offered $24.50 per share, which was subsequently rejected by Taro.
Sun Pharmaceutical and its affiliates collectively own about 66 percent of the outstanding Taro ordinary shares and 100 percent of the shares of Taro's founders, representing about 77.5 percent of the outstanding voting power in Taro.
Based on 44.5 million shares outstanding, according to Reuters data, the one-third stake to be bought out by Sun Pharmaceutical is valued at $571.3 million.
The deal was approved by Taro's board of directors, the company said. Shares of Taro closed at $41.10 Friday on the New York Stock Exchange.
- Tweet this
- Share this
- Digg this
- Mediterranean diet may slow diabetes progression
- UPDATE 3-Soccer-English premier league results and standings
- India passes halfway mark in election with BJP gaining strength
- South Korea recovers first bodies from inside sunken ferry
- Malaysian plane search in 44th day, sea bed scans could end in days
Nitin Gadkari, former president of the Bharatiya Janata Party and a member of the BJP’s manifesto committee, speaks to Reuters. Here are the edited excerpts. Full Article
Turning smog into jewels - a Dutch designer's solution to Beijing's pollution. Video