MUMBAI – India’s Sun Pharmaceutical Industries Ltd. stepped closer to delisting Taro Pharmaceutical Industries Ltd. from the New York Stock Exchange with an offer to buy all outstanding shares of the Israeli company for $39.50 per share. In effect, Sun, which along with its affiliates owns 66% equity stake, will shell out an additional $571 million for the latest exercise to merge with Taro.
The transaction will wipe out almost half of Sun’s $1.2 billion in cash reserves. Sun laid out a complex approval...
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