Minority investors in Taro want double the money Sun’s offering

23.11.2011                      26.Cheschwan. 5772

Wirtschaft:

Minority investors in Taro want double the money Sun's offering

The purchase offer India's Sun Pharmaceutical Industries announced in mid-October for the remaining 33.7% it doesn't own in Taro Pharmaceuticals continues to arouse fierce opposition among American hedge funds.

Sun offered to buy all outstanding shares in Taro, which makes over-the-counter and prescription drugs, for $24.50 per share, totaling $368 million. Sun's offer values Taro at $1.1 billion. The price represented a 26% premium over Taro's share price on the day before the offer, and a 24% premium over Taro's average price in the previous 60 trading days before the offer….