Sun Pharmaceutical''s $454-million deal to acquire Israeli firm Taro Pharmaceuticals has fallen through with the latter terminating the merger agreement due to differences in financial valuation. Taro''s Board of Directors unanimously determined that permitting the merger agreement, signed in May 2007, to remain in force was no longer in the best interest of the company, Taro said in a statement.
This is despite Sun Pharma making a revised offer to increase per share price to $10.25, from the initially agreed amount of $6 per share. It had, however, made a condition of elimination of a voting threshold. Sun Pharma had entered into an agreement in May last year with Taro to acquire the firm for an all cash deal of $454 million.
This is despite Sun Pharma making a revised offer to increase per share price to $10.25, from the initially agreed amount of $6 per share. It had, however, made a condition of elimination of a voting threshold. Sun Pharma had entered into an agreement in May last year with Taro to acquire the firm for an all cash deal of $454 million.
