Sun Pharmaceutical to Take Taro Private at $43/Share
By Dean Seal
Taro Pharmaceutical Industries has agreed to be acquired by its controlling shareholder, Sun Pharmaceutical Industries, for $43 a share in cash.
Taro's shares closed at $41.28 Wednesday.
The Israel-based drugmaker said the deal has been unanimously approved by Taro's board and is expected to close in the first half of 2024.
Taro said in May that it had received a nonbinding indication of interest from the India-based Sun, which sought to buy all the Taro shares it didn't already own for $38 apiece. Sun owned more than 78% of the company at that time.
Upon completion of the merger, Taro will become a privately held company and its shares will no longer be listed on the New York Stock Exchange.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 17, 2024 17:03 ET (22:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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