Sun Pharmaceutical Industries and Taro Pharmaceutical Industries have mutually agreed to terminate their merger agreement, announced in August 2012. 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.
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.
EP News Bureau – Mumbai