Sun Pharma offers to acquire 100% stake in Taro in an all-cash deal
Sun Pharmaceutical Industries has proposed an all-cash acquisition of all the shares of Taro Pharmaceutical Industries through a reverse triangular merger at a price of $38 per ordinary share. Sun Pharma said that the proposal represents a premium of 31.2% over Taro's closing price on May 25, 2023. After the deal, Sun Pharma will have a 100% holding in the company. The all-cash transaction will be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999. The deal is subject to fulfillment of binding contractual documentation and regulatory approvals.