Sat 12 Jul 2008
The inevitable cannot be avoided. The Taro board of directors, strangely with the exception of Dr Barrie Levitt, Daniel Moros and Tal Levitt, have denounced Sun Pharma’s tender offer to garner controlling shares, as coercive. Read this appeal from Taro board to its shareholders. Its fiercely hostile in tone and now its difficult to believe that a year or so ago, the two companies had sat across the table to discuss a merger !
As we have been following this fight blow by blow, Sun appears to be getting it right. It was more or less understood, that no one will tender their shares at a rate lower than the market price. But that opposition helps Sun in strengthening its case against Taro.
However, why have the main promoters stayed away from the latest board resolution. May be there could be a trick. No one can understand what’s cooking in the two companies. Surely, the next salvo will be from Sun Pharma.