Sun Pharma proposes to acquire Taro

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Sun Pharma proposes to acquire Taro	Share Back
(27 May 2023)
Sun Pharmaceuticals Industries on 26 May 2023 has issued a letter to the Board of Directors of Taro Pharmaceutical Industries, Israel (Taro) with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares in Taro, other than any shares already held by the Company or its affiliates (For a purchase price of $38 per ordinary share) (Proposed Transaction). The Proposed Transaction to be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999 (ICL) and practice. In this context, Purchaser shall form a wholly owned subsidiary (SPV), which shall enter into a merger agreement with Taro, with the SPV merging with and into Taro and Taro surviving the merger transaction. Consequently, Taro shall become a wholly owned subsidiary of Purchaser and be de-listed from NYSE.
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