Taro committee continues to evaluate Sun offer, Taro says

HAIFA BAY, Israel — A committee formed by Taro Pharmaceutical Industries in December is continuing to evaluate an acquisition offer by India-based Sun Pharmaceutical Industries, Taro said.

Sun is hoping to acquire Israel-based Taro for $24.50 per share.

The committee, comprising members of the company's board of directors, has brought on Citigroup Global Markets as its financial adviser and is receiving legal advice from Israeli legal firm Goldfarb Seligman & Co. and U.S. firm Willkie Farr & Gallagher.

Sun originally sought to buy Taro in May 2007 for $7.75 per share, and both companies agreed to merge, but Taro terminated the merger agreement in May 2008. Sun has continued trying to acquire Taro since then.

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