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India’s Sun Pharma Waves The White Flag On Taro

Sun said it will no longer try to acquire the remaining 39% of Israel’s Taro Pharmaceutical after Taro shareholders continued to hold out for a higher bid.

India’s Sun Pharmaceutical said it will no longer try to acquire the remaining 39% of Israel’s Taro Pharmaceutical after Taro shareholders continued to hold out for a higher bid. In a long-running saga, Sun’s last offer was for roughly $685 million, or $39.50 a share. Sun first tried to buy Taro in 2007, when the Israeli company was in the red. Taro has since returned to profitability and its stock price now exceeds Sun’s bid for the remaining stake. Sun, however, will remain the majority shareholder in Taro with a 61.1% stake. (Click here for more

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