Aug 12 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.