Close on the heels of Sun Pharma?s official announcement of tender offer for Taro Pharmaceuticals? shares, Taro has said that its board of directors would meet to consider Sun?s offer in due course and the company would publicly announce the board?s position with respect to the offer on or before July 14.
The Israeli firm has advised its shareholders not to take any action at this point of time on Sun Pharma?s tender offer.
In a statement issued on Monday, Taro has asked its shareholders to defer making a decision as to whether to accept or reject the Sun offer until they have been advised of the board?s position with respect to the offer.
?It would have no formal comment on the unsolicited tender offer commenced by a subsidiary of Sun Pharma, for all shares of Taro common stock at a price of $7.75 per share until Taro?s board of directors has an opportunity to review and evaluate the full details of the offer,? the statement said.
Taro also said that its board of directors had retained Merrill Lynch as its financial advisor and Yigal Arnon & Co and Skadden Arps Slate Meagher & Flom LLP as its legal advisors to assist the board in evaluating Sun?s offer.
On Monday, Alkaloida Chemical Company Exclusive Group Ltd, a subsidiary of Sun Pharma, has commenced a tender offer for all outstanding ordinary shares of Taro for $7.75 per share in cash.