Option pact to help Sun acquire Taro
HOSTILE TAKEOVER
According to the option agreement reached between Taro's promoter family-owned Taro Development Corporation (TDC) and Sun Pharma's Hungarian subsidiary, Alkaloida Chemical Company, the Israeli owners will have to tender their 12 per cent stake to the Sun Pharma unit in the event merger fails.
The option agreement was formed as part of the merger discussions. Sun's immediate cash infusion of $40 million in Taro