Interesting. Taro has significant financial issues. I wonder if having Indian owners will help the economics in any way?
Taro Investor Relations
HAWTHORNE, N.Y.--(BUSINESS WIRE)--May 20, 2007--Taro Pharmaceutical Industries Ltd. ("Taro," the "Company," Pink Sheets: TAROF) and Sun Pharmaceutical Industries Ltd. ("Sun," Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715) today announced that they have entered into a definitive merger agreement providing for the acquisition of Taro by Sun for $7.75 per share in cash, a premium of 27% over the closing price of $6.10 per share on May 18, 2007, representing a transaction with total equity value of approximately $230 million. Sun will also refinance approximately $224 million in net debt of Taro. The total enterprise value of the transaction is approximately $454 million. Taro and Sun also announced that they have entered into a separate definitive agreement for Sun to provide immediately $45 million of interim equity financing to Taro by acquiring 7.5 million of the Company's ordinary shares.
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