by In the all cash deal Sun Pharma will acquire the shares at a price of US38 per ordinary share which will be payable in full at the close of the proposed transaction the company said in a BSE filing on Saturday At present Sun holds 7848 stake in TaroIn another development Aalok Shanghvi son of the companys promoter, MD Dilip Shanghvi is joining the companys board as director The companys board appointed him as a wholetime director for a term of five years effective from June 1 2023 Aalok is at present the companys executive VP, head of emerging markets global generic RD global generic business development, APIAalok joined the company in 2006, has handled various roles in marketing RD project management purchase, communications He has done his undergraduate majoring in Cellular, University of Michigan Ann ArborFurther the filing said We believe that the proposed transaction provides a compelling liquidity opportunity for the companys shareholders, will benefit the company, its stakeholdersThe proposed price representsapremium of 312 over Taros closing price on May 25 a 415 premium over Taros average closing price in the last 60 days Sun Pharma said in itsfiling to the exchangesAfter the completion of the deal Sun Pharma will hold 100 of the outstanding share capital of Taro on a fully diluted basis It also announced the appointment of Rolf Hoffmann as an independent director for five years Hoffmann is a strategic, executive, resultsorientated
Published in The Times of India (Online) (28.05.2023)