Sun Pharma Offers Full Buyout of Taro
Israeli pharmaceutical organization expected to evaluate the offer.
Sun Pharma, an Indian pharmaceutical company, has offered to take full control of Taro pharmaceuticals for $38 a share. Reportedly, the Israeli-based company has formed a special committee to evaluate the offer after its shares went up 25 percent.
As per the terms of a potential deal, it would be an all-cash transaction, effectively giving full stock control to Sun Pharma.
According to a filing by Sun Pharma to the stock exchanges, the company “envisages the proposed transaction to be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999 ("ICL") and practice. In this context, Purchaser shall form a wholly owned subsidiary (the "SPV"), which shall enter into a merger agreement with Taro, with the SPV merging with and into Taro and Taro surviving the merger transaction. Consequently, Taro shall become a wholly owned subsidiary of Purchaser and be de-listed from NYSE."
Reference: Sun Pharma sets sights on remaining stake in Taro for $38 per share. May 29, 2023/Money Control
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