Taro Calls Off Merger With Sun

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On Friday, Taro Pharmaceuticalannounced that it and Sun Pharmaceutical Industries have called off their merger agreement by mutual agreement, saying the decision is "in the best interest of the respective companies and shareholders."

This means Taro shareholders can no longer expect to be cashed out of their shares at the agreed price of $39.50. However, considering Taro shares currently fetch $51.96 on the open market, that's not particularly bad news. In fact, investors seem to think it's quite good news and bid up Taro shares by 2.8% Friday in response.

The article Taro Calls Off Merger With Sun originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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