Sun Pharma proposes to acquire Israel-based Taro Pharmaceutical Industries

Sun Pharmaceutical Industries on Saturday said it has proposed to fully acquire Israel-based Taro Pharmaceutical Industries through a reverse triangular merger. The Mumbai-based drug major said it has issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of USD 38 per ordinary share in cash. Sun Pharma currently owns a 78.48 per cent stake in Taro. "We envisage the proposed transaction to be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999 and practice," Sun Pharma said in a regulatory filing. The purchase price represents a premium of 31.2 per cent over Taro's closing price on May 25, 2023, a 41.5 per cent premium over Taro's average closing price in the last 60 days and a compelling liquidity opportunity for Taro's shareholders, it added. Under the indicative proposal, post the acquisition, Taro will become a wholly-owned

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