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Jul 19, 2012, 10.42 PM IST
Taro Pharmaceutical Industries has rejected a USD 367 million bid from Sun Pharmaceutical Industries for the one-third stake of the Israeli company it does not already own.
Taro said in a statement on Thursday the USD 24.50-per-share offer by the Indian drugmaker was inadequate and "not in the best interests" of its minority shareholders.
Grand Slam Asset Management, one of Taro's minority shareholders, said last October that a fair offer would be at least USD 48.50 per share.
Mumbai-based Sun Pharma, which holds 66.32% of Taro, made a non-binding offer for remaining stake last year.
Sun Pharma, which could not immediately be reached for comments, has said it will stick to its current offer.
Shares in Sun Pharmaceutical Industries fell 0.12% to Rs 625.95. The broader Mumbai market was up 0.51%.
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