Taro Pharmaceutical Industries Ltd. (TARO), announced on Thursday that its shareholders have approved the merger agreement with Sun Pharma.
This included a majority vote from shareholders unconnected to Sun Pharma at both an Extraordinary General Meeting and an Ordinary Class Meeting held on May 22, 2024.
As per the merger agreement announced on January 17, 2024, Sun Pharma, the majority shareholder of Taro, agreed to purchase all remaining ordinary shares of Taro, excluding those already owned by Sun Pharma or its affiliates, for $43.00 per share in cash.
The merger is anticipated to be finalized in around 35 days, resulting in Taro becoming a privately owned company under Sun Pharma's full ownership, with its shares subsequently being removed from the NYSE.
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