Taro Pharmaceutical Shares Surge Premarket as Sun Pharma Proposes Buyout
By Colin Kellaher
Shares of Taro Pharmaceutical Industries jumped more than 25% in premarket trading Tuesday after majority shareholder Sun Pharmaceutical Industries disclosed that it had made a proposal to buy the rest of the drugmaker.
India-based Sun, which already owns more than 78% of Taro, said in a filing with the U.S. Securities and Exchange Commission that it had delivered a non-binding indication of interest to buy the remaining Taro shares for $38 apiece, a premium of more than 29% to Friday's closing price of $29.39 for the Israel-based company.
Sun said it isn't considering a sale of its stake in Taro, and that it would welcome the opportunity to discuss its proposal with a special committee of Taro's independent board members and its advisers.
Taro shares were recently up 26% to $37 in premarket trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 30, 2023 08:31 ET (12:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back
-
Alibaba Earnings: More Positive Outlook Despite Mixed Results
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?