Sun Pharma threatens to take legal action against Taro

NEW DELHI: Sun Pharma today threatened to take legal action against Israel-based Taro Pharmaceuticals, which terminated the 454-million-dollars merger agreement yesterday. In a letter written to Taro’s Chairman Barrie Levitt, Sun Pharma Chairman and Managing Director Dilip Shanghvi said the Israeli company is not entitled to terminate the merger as per the agreement. “In the light of Taro’s action, Sun will now consider all of its options, including without limitation commencing legal proceedings as to Taro’s right to terminate the merger agreement,” Sanghvi said in his letter. Taro had yesterday said its Board of Directors unanimously determined that permitting the merger agreement, signed in May 2007, to remain in force was no longer in the best interest of the company.
http://economictimes.indiatimes.com
29 May, 2008, 1549 hrs IST, PTI

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