Sun Pharma Boosts Taro Pharma Buyout Offer to $43 per Share

12 Dec 2023 , 09:47 AM

Sun Pharma revises offer price for acquiring Taro Pharma’s outstanding shares to $43 per share, a 13% increase from the initial $38 per share proposal. On December 11, Sun Pharma shares settled flat at Rs 1,235.3 per share on the NSE.  At the time of writing the stock was trading at Rs 1235.30 in NSE.

Taro Pharma’s shares surged 29% on the proposal, closing at the initial offer price of $38 per share. Extended trading hours saw an additional 8.6% increase. Ongoing negotiations for definitive terms and agreements related to the revised proposal; no assurance of reaching a definitive agreement.

The revised proposal is subject to further corporate approvals and satisfaction of customary conditions.

Sun Pharma expressed interest on May 26 to acquire all Taro Pharma shares, aiming for 100% ownership in an all-cash transaction.

Taro Pharma reported a net profit of $8.5 million for the July-September quarter, compared to a net loss of $2.8 million the previous year, with the bottom line slightly impacted by one-time exceptional charges.

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