Drugmaker Taro Rejects Sun Pharma's Latest Buyout Bid

Law360, New York (July 19, 2012, 9:33 PM EDT) -- Israel's Taro Pharmaceutical Industries Ltd. on Thursday shot down a $24.50-per-share cash offer from majority shareholder Sun Pharmaceutical Industries Ltd. to buy up the rest of the company, calling the unsolicited bid “inadequate and not in the best interests of Taro’s minority shareholders.”

The rejection was the latest salvo in a bitter takeover battle that has been raging for years between the international generics manufacturer and its Indian rival, closing the book on nine months' of work by a special committee of the Taro board that...
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