Shearman Reps Sun Pharma In Long-Sought $600M Taro Buyout

Law360, New York (August 13, 2012, 2:15 PM EDT) -- Israel's Taro Pharmaceutical Industries Ltd. has accepted an improved, $39.50 per-share cash offer from majority shareholder Sun Pharmaceutical Industries Ltd. to buy up the rest of the company, the drugmakers announced Monday, ending a bitter takeover battle that has raged for years.

The deal, worth approximately $600 million, comes less than a month after Taro shot down a $24.50 per-share cash offer from India-based Sun Pharma, calling the bid inadequate and not in the best interest of its minority shareholders. Taro's board of directors accepted the...
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