Taro board rejects Sun acquisition offer

Sun has sought to acquire Taro since 2007

HAWTHORNE, N.Y. — Israeli drug maker Taro Pharmaceutical Industries has rejected India-based Sun Pharmaceutical Industries' takeover bid, Taro said Thursday.

Taro said its board of directors unanimously voted to reject a $24.50-per-share offer Sun made on Oct. 18, 2011. Taro began listing its shares on the New York Stock Exchange in March.

Sun has sought to buy Taro since 2007.

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