Taro purchase by Sun to proceed

As part of the court proceedings, Taro agreed to decrease the interim funding of $45 million by 9.5%.

By JERUSALEM POST BUSINESS STAFF
May 24, 2007 06:48

Taro Pharmaceutical Industries Ltd. said its planned acquisition by India's Sun Pharmaceutical Industries Ltd. would proceed after the Tel Aviv District Court determined not to issue a temporary injunction to halt the deal that was sought by shareholders Franklin Advisers Inc. and Templeton Asset Management. As part of the court proceedings, Taro agreed to decrease the interim funding of $45 million by 9.5%. Sun is now providing $40.7m. of interim equity financing to Taro by acquiring some 6.8 million Taro shares and the same amount of warrants at $6 each. On Sunday, the two companies reached a deal for Sun to pay $7.75 per share in cash for Taro and to refinance about $224m. of its debt.


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