Taro: Several shareholders have requested updated financial information about the merger.
Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) has postponed its September 25 shareholders meeting to discuss the proposed merger with India’s Sun Pharmaceutical Industries Ltd. (BSE: 524715) “to a time following the availability of financial results for the year ended December 31, 2006 and for the first and second quarters of 2007.”
Taro added, “A number of its shareholders have requested updated financial information in conjunction with their consideration of the proposed merger with Sun. Taro has decided to defer the shareholders meeting pending the availability of these financial statements or a detailed update on current financial results. At this time the company hopes that audited financial statements for 2006 and unaudited financial statements for the first two quarters of 2007 will be available in September and that the shareholders meeting can be rescheduled for late October or November. Taro will set a new record date for the upcoming meeting and will mail supplemental proxy materials to its shareholders.”
The company apparently realized that its conduct has not been transparent and that it cannot ask shareholders to vote for the proposed merger without providing the company’s financial reports.
Published by Globes [online], Israel business news - www.globes.co.il - on August 20, 2007
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