Sun questions Taro's merger withdrawal
India's Sun Pharmaceuticals has sent a letter to the board of directors of Israel's Taro Pharmaceutical Industries, requesting transparency regarding its reasons for dropping out of a merger of the two firms (Marketletter June 9).
Sun believes a press release from Taro on May 28 indicates the Israeli firm intends to sell its Irish subsidiary to a group of local investors. Taro claimed Sun prohibited the sale of Taro Ireland, despite rising operating costs, that Taro says are a detriment to shareholder value.
Sun responds that it had good reason to oppose the sale. The Indian firm states that it had concerns that the sale price offered plainly undervalued the asset and that the facility had potential as a strategic asset to both Taro and Sun.
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