Sun Pharmaceutical Industries Ltd to Take Taro Pharmaceutical Industries Ltd. (TARO) Private for $571 Million
8/13/2012 7:03:03 AM
India's Sun Pharmaceutical Industries Ltd. (BSE: 524715) will take Taro Pharmaceutical Industries Ltd. (NYSE: TARO) private and merge it with Sun Pharmaceutical affiliates, after raising its offer. Taro's board of directors accepted the offer to purchase of at $39.50 in cash by Sun, which currently owns 66% of the company and all of its founders' shares, giving Sun 77.5% of the voting rights in the company. Sun Pharmaceuticals closed the deal after raising its offer from $24.50 per share. The new offer amounts to $571 million When the merger is completed, Taro will become a private company, and will be delisted from the New York Stock Exchange.