Sun commences tender offer for Taro after merger collapsed
India's Sun Pharmaceuticals has commenced its tender offer to acquire all outstanding ordinary shares of Israel's Taro following the bitter collapse of the firms' merger agreement (Marketletter June 9).
Sun's subsidiary Alkoloida is tendering the offer for the same cost as the merger (Marketletter May 28, 2007), $7.75 per share, under an option laid out in the terms of that deal. Taro's withdrawal from the agreement is being challenged by Sun in the New York State Supreme Court of the USA.
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