New Delhi: Sun Pharmaceutical Industries on Tuesday said it has revised upwards the price at which it proposed to fully acquire Israel-based Taro Pharmaceutical Industries to $43 per share in cash.
In May this year, the company announced a non-binding indication of interest to acquire all of the outstanding ordinary shares of Taro for a purchase price of $38 per ordinary share in cash through a reverse triangular merger. Subsequently, the company was engaged in multiple rounds of price negotiations with a special committee of the Board of Directors of Taro regarding the proposal.
Such negotiations resulted in the company communicating to the special committee updated terms pursuant to which the company has proposed to acquire all of the outstanding shares of Taro’s ordinary shares for a purchase price of $43 per share in cash, Sun Pharmaceutical Industries said in a regulatory filing.
