Taro rejects Sun’s settlement offers

Corporate Bureau
Posted: Wednesday, Jan 07, 2009 at 2215 hrs IST
Updated: Wednesday, Jan 07, 2009 at 2215 hrs IST

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Mumbai: critical R&D investments.

The Mumbai-based firm in May 2007 offered to buy Taro for $230 million in cash and an additional $224 million to refinance debt. Under the agreement, Sun has the right to buy all Taro shares owned or controlled by the Levitt and Moros families at $7.75 per share and offer to buy the remaining stock at the same price.

In May 2008, Taro rejected a revised $10.25 a share offer from Sun saying it was inadequate, given the improvement in Taro’s operations.

Bitter pill

• Taro puts across counter-proposal

• Taro suggests the companies go for a shareholder referendum

• Sun official accuse Taro board of trying to ‘sidestep’ real issues...

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