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HAWTHORNE, N.Y. — Taro Pharmaceutical Industries Ltd. has given a thumbs-down to an unsolicited buyout proposal by Sun Pharmaceutical Industries Ltd.
Taro said Thursday that a special committee of its board unanimously rejected the Oct. 18 bid by Sun to purchase all of the outstanding shares of Taro it doesn’t own at $24.50 per share.
In nixing the proposal, Taro called the offer by Sun "inadequate and not in the best interests of Taro’s minority shareholders."
Last October Taro reported that Sun’s bid for the remaining shares was valued at about $1.09 billion and represented a premium of around 25% over the price of Taro shares.
