Taro Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. mutually agree to terminate their August 2012 merger agreement.
As reported widely in the press, it was announced on February 8 that Taro Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. (together with its subsidiaries) have mutually agreed to terminate their August 2012 merger agreement. Willkie served as U.S. legal counsel to the Special Committee of Taro Pharmaceutical Industries’ Board of Directors. Under the merger agreement, all shareholders of Taro (other than Sun Pharma and its affiliates) would have received a cash payment of $39.50 per share upon the closing of the merger. Both Sun Pharma and Taro (at the direction of the Special Committee) agreed that terminating the merger agreement was in the best interest of the respective companies and shareholders.
Based in Israel, Taro is a multinational, science-based pharmaceutical company focused on discovering, developing, manufacturing and marketing healthcare products. India-based Sun Pharma is an international, integrated, specialty pharmaceutical company. The two companies entered a merger agreement in 2007. In July 2012, Taro’s Special Committee rejected Sun Pharma’s buyout bid of $24.50 per share.
The matter was handled by partners Steven Seidman, Laura Delanoy and Tariq Mundiya and associates Danielle Scalzo and Laura Acker.