Sun Pharmaceutical Industries has dipped 2.4% at Rs 666 on reports that a minority shareholder of Israel's Taro Pharma rejected the company’s revised offer price of $39.5 a share for a buyout.
“A minority shareholder Grand Slam Asset Management in an open letter urged Taro’s shareholders to reject the new offer, which was 60% higher than earlier offer price, “the media report suggests.
Sun Pharma, which hold 66.5% in Taro, has been engaged in a long-drawn battle for complete control of Taro, had offered $24.50 a share to acquire the remaining shares in October 2011. But, the said offer was rejected by Taro's minority shareholders on the ground that it was inadequate considering the improvement in the company's performance.
The stock opened at Rs 677 and hit a low of Rs 663 on the NSE. A combined 1.9 million shares have changed hands on the counter so far on both the exchanges.
