Sun to offer premium price for Taros shares

Sun Pharma has proposed to offer a premium price over the current market rates for the shares of Israel-based Taro Pharmaceutical and resolve the issue with Taro,as recommended by the Israeli Supreme Court.

We are open to discussing both the proposals to offer an excellent solution to this dispute and offer a significant premium to the public shareholders over the current market prices, Sun Pharmaceutical Industries Ltd Chairman Dilip Shanghvi said in a letter to the Taro Board of Directors.

In a filing to the BSE,Sun Pharma said it has sent two proposals to Taro and its first proposal includes option to increase consideration to $9.50 per share,while asking Taro to withdraw its purported termination of the merger agreement.