Sun Pharma ends deal for taking over Taro Pharmaceutical
The companies decided that ending the deal was in the best interest of their shareholders, Sun Pharma and Taro said in a joint filing.
Sun Pharma had last offered $39.50 per share, or about $571 million, for the one-third stake it did not already own in Taro, seemingly winning over the Israeli company's board following a long battle to gain full control of the U.S. listed drugmaker.
Taro shares closed at $50.55 on Thursday on the New York Stock Exchange.
Sun Pharma shares closed at 746.10 rupees on Friday on the National Stock Exchange.
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