Taro Rejects Sun Pharma’s Settlement Offer; Suggests Shareholder Referendum

MUMBAI - Israeli generic drug maker Taro has rejected Sun Pharma's proposal for a merger at a value of $9.50 per share or increase the offer price for non-promoter shares to $9 for every ordinary share. In a letter written to Sun Pharma's Chairman and Managing Director Dilip Shanghvi, Taro Chairman Barrie Levitt said the Taro board of directors "did not view the two options" set forth in the proposal as constructive or even "in the ballpark