Sun Pharmaceutical Industries has acquired the 12 per cent stake of Mark Mobius-headed Templeton Asset Management in its Israeli subsidiary, Taro Pharmaceuticals, for $82 million (Rs364 crore). Sun paid $16 per share, about 14 per cent premium to Taro's current market price of $13.75.
With this, Sun Pharma increased its Taro stake to 65.2 per cent from 53.2 per cent. Taro is a pink sheets-listed company on the New York Stock Exchange. The deal will help the Indian drug maker to get a crucial 77 per cent voting right on management decisions related to Taro.
A spokesperson at Sun Pharma confirmed the development and said the deal was concluded on November 4.
In September, Taro promoter Barrie Levitt and family had surrendered their shares to Sun Pharma to honour provisions of a failed merger agreement, after a three-year hostile legal battle. Promoter Barrie Levitt and family had a 12 per cent stake, but 41 per cent voting rights on management decisions. Sun acquired the stake from Barrie Levitt and family at $7.75 per share.
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