Sun Pharmaceutical Industries has moved higher by 3% at Rs 479 after announcing plans to acquire all the outstanding shares in its Israell subsidiary, Taro Pharma. Sun Pharma, India’s largest drugmaker by market cap, owns 66% in Taro.
“The board of directors proposing acquisition by Sun Pharma of all of the outstanding shares of Taro not held by Sun Pharma for per share consideration of $24.50 in cash, representing a 25.96% premium over the most recent closing price of Taro common stock," India’s largest drugmaker by market cap, which currently owns 66% in Taro, said in a filing to the stock exchanges.
This offer is subject to the approval of Taro board and such other authorities as may be required and completion of necessary cornpllances/formalities as may be required, it added.
The stock opened at Rs 468 and touched a high of Rs 480 in noon deals on the National Stock Exchange. A combined 378,831 shares have changed hands on the counter till 1232 hours.
