Close on the heels of the failure of the MTN-Bharti deal, yet another Indian company has lost out on a foreign acquisition. Sun Pharma, India's largest pharma company by market capitalisation, has failed to clinch the deal for Israeli major Taro Pharma.
Sun Pharma on Wednesday informed BSE of a notice received from Taro terminating the merger agreement with its subsidiary company — Alkaloida Chemical Company Exclusive Group. The merger deal, signed on May 18, 2007, stipulated a price of $7.75 per share to be paid by Sun to acquire Taro, with either of the parties having freedom to terminate the agreement after December 31, 2007.
The details can be read here.
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