Sun Pharmaceutical Industries Ltd. has revised its offer price to acquire all the outstanding shares of its Israel-based arm, Taro Pharmaceutical Industries Ltd.
The offer price has been raised to $43 per share versus $38 per share earlier, a rise of 13%, according to an exchange filing on Tuesday.
On May 26, Sun Pharma expressed its interest to increase its stake in Taro to 100%. It currently holds a 78.48% stake in Taro. The company engaged in multiple rounds of price negotiations with a special committee of Taro's board of directors regarding the proposal.
The negotiations resulted in the company communicating to the special committee the updated terms, pursuant to which it proposed to acquire all of the outstanding shares of Taro’s ordinary shares, it said.
Negotiations regarding definitive terms and agreements for the revised proposal are ongoing, and no assurances can be given that a definitive agreement will be reached, according to Sun Pharma.
Shares of Sun Pharma were trading 1.41% lower at Rs 1,223.85 apiece on the NSE compared to a 0.09% decline in the benchmark NSE Nifty 50 at 12.49 p.m.
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