Taro's PE Backers Balk At Sun Pharma's $600M Buyout

Law360, New York (August 31, 2012, 4:39 PM EDT) -- Two private equity firms holding sizable minority stakes in Taro Pharmaceutical Industries Ltd. sent a letter to the company on Friday demanding more information about its approval of a $600 million buyout that allows its largest investor to squeeze out the others.

In the public letter, IsZo Capital Management LP and Black Horse Capital Advisors LLC questioned Israeli drugmaker Taro's comparatively quick approval of India-based Sun Pharmaceutical Industries Ltd.'s go-private offer, announced Aug. 13. The agreement capped off a two-year battle between the companies that included...
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