Sun keeps tabs on Taro facility sale

Sun Pharmaceuticals wrote a second letter to Taro, citing major concerns about the sale of Taro's Irish facility. The letter specifically requests full disclosure of all facts related to the sale. 

In the letter, written to Dr. Barrie Levitt, Chairman of the Board of Directors of Taro, Dilip Shanghvi, Chairman and Managing Director said, "Taro has been unable to address our substantive objections to the proposed sale of Taro's Irish subsidiary ("Taro Ireland"). Instead, you have tried to deflect attention from the logic of our reasoning by accusing us of breaching our duty of good faith to Taro and its other shareholders," adding, "We find this laughable."

The letter follows termination of a merger agreement between the two companies.

- read the letter at the Sun Herald
- get more from Trading Markets