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.
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