Quantcast

SLIDESHOW

ACG New York Women of Leadership - Entrepreneur Series
Barbara Bradley Baekgaard, founder of Vera Bradley (Nasdaq: VRA), is the latest in a series of entrepreneurs highlighted at ACG New York Women of Leadership events. Photo credit: Robert Blumenfeld

Watercooler

GTCR, Hormel, the Riverside Co-CEOs and Others Win M&A Mid-Market Awards
Amid a slow and challenging year for dealmaking, the winners of Mergers & Acquisitions’ 7th Annual M&A Mid-Market Awards outpaced the competition to grow, innovate and lead the middle market

Roundtable

Financial Services Companies Heat Up M&A Market
Speakers from Flexpoint Ford, Genstar Capital, Baird Capital, Madison Capital Funding and Katten Muchin Rosenman discuss the various factors playing a role in M&A activity within the financial services space

Expert's Corner

Pursuing Pharma Manufacturing
The fragmented pharmaceutical manufacturing industry provides plenty of opportunities for private equity investors, says JLL Partners founder Paul Levy

Healthcare: Sun Terminates $571M Taro Transaction

Raging Capital Management, Taro's fourth-largest shareholder, urged other shareholders to reject the deal

Generic-drug maker Sun Pharmaceutical Industries Ltd.’s $571 million purchase of Taro Pharmaceutical Industries Ltd. (NYSE: TARO) has been terminated.

Taro’s board in July rejected an offer of $24.50 per share to buy the company. Sun’s second offer in August would have given Taro shareholders $39.50 in cash per share upon closing and make it a privately-owned subsidiary of Sun, a specialty-pharmaceutical company.

However, on Sept. 19, Taro investor Raging Capital Management LLC issued an open letter to fellow shareholders of Taro suggesting they vote down the proposed "going private" merger. Raging Capital, Taro's fourth-largest shareholder and owner of roughly 0.85% of the shares, said the transaction with Sun "does not maximize value for all shareholders – it only maximizes value for Sun."

Talks that took place over the following five months ultimately led to the two companies' agreeing that terminating the deal was in the best interests of shareholders.

Mumbai-based Sun, which already owns about 66 percent of Taro’s ordinary shares and all of its founding shares, gained management control of the company after a three-year legal battle. Taro, which became a unit of Sun Pharma in September 2010, sells dermatology products throughout the U.S.

 

For more information on related topics, visit the following: