Sun Pharma To Acquire Taro Pharma For US$43.00/shr In Cash

(RTTNews) - Taro Pharmaceutical Industries Ltd.'s (TARO) controlling shareholder Sun Pharmaceutical Industries Limited has agreed to acquire all of the outstanding ordinary shares of Taro other than the shares already held by Sun Pharma or its affiliates for US$43.00 per share in cash.

The US$43.00 per share purchase price represents a 48% premium over the closing price of US$28.97 per share on May 25, 2023, the last trading day before Sun Pharma first submitted its non-binding proposal to Taro.

Upon completion of the deal, currently expected to close in the first half of 2024, Taro will become a privately held company and its shares will no longer be listed on the NYSE.

The agreement was unanimously recommended by the Special Committee, which was formed by Taro's Board of Directors to consider Sun Pharma's proposal.

The deal is subject to various closing conditions. These include, among other conditions, the approval of the merger by the affirmative vote of shareholders representing at least 75% of the voting power of the Company's shares present and voting in person or by proxy at a meeting of the Company's shareholders.

TARO closed Wednesday's regular trading at $41.28 up $0.24 or 0.58%. In the after-hours trading, the stock further gained $0.42 or 1.02%.