(Reuters) - Taro Pharmaceutical Industries has rejected a $367 million bid from Indian drugmaker 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 $24.50-per-share offer by Sun Pharma 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 $48.50 per share.
Mumbai-based Sun Pharma, which holds 66.32 percent 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 percent to 625.95 rupees. The broader Mumbai market was up 0.51 percent.
Reporting by Kaustubh Kulkarni in MUMBAI; Editing by David Cowell