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Purported termination of merger ‘improper’

Purported termination of merger ‘improper’
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First Published: Fri, Jun 27 2008. 12 09 AM IST

Sun Pharma’s Dilip Shanghvi
Sun Pharma’s Dilip Shanghvi
Updated: Fri, Jun 27 2008. 12 09 AM IST
Mumbai: Dilip Shanghvi, chairman and managing director, Sun Pharmaceutical Industries Ltd, says in an email interview that his company has had enough of the misrepresentations from Taro Pharmaceuticals. Edited excerpts:
Would the exercise of the option agreement amount to an acceptance of Taro’s termination of the merger deal?
Sun Pharma’s Dilip Shanghvi
Sun Pharma believes Taro’s purported termination of the merger agreement was improper, but it has exercised the options to preserve its rights under the option agreement. The exercise of the options should not in any way be construed to be an acceptance or recognition of the purported termination of the merger agreement.
What is Sun’s current stand on Taro’s intention to sell its Irish unit?
The move is not in the company’s best interests.
What led to this situation after a very cordial signing?
Difficult to say. We have fulfilled the requirements of the merger agreement in good faith.
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First Published: Fri, Jun 27 2008. 12 09 AM IST