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Article: Sun Pharmaceutical Industries Agrees to Acquire Taro Pharmaceutical Industries in Transaction Valued at $454 Million.
- Article from:
- Business Wire
- Article date:
- May 21, 2007
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First Investment in Israel by Multinational Pharmaceutical Company Based in India
HAWTHORNE, N.Y. -- Taro Pharmaceutical Industries Ltd. ("Taro," the "Company," Pink Sheets: TAROF) and Sun Pharmaceutical Industries Ltd. ("Sun," Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that they have entered into a definitive merger agreement providing for the acquisition of Taro by Sun for $7.75 per share in cash, a premium of 27 over the closing price of $6.10 per share on May 18, 2007, representing a transaction with total equity value of approximately $230 million. Sun will also refinance approximately $224 million in net debt of Taro. ...