Taro Pharmaceuticals Industries Ltd. (TARO) released a statement on Wednesday stating that Independent proxy advisor firms, Institutional Shareholder Services and Glass Lewis & Co., advised the company's shareholders to vote in favor of a merger deal with Sun Pharmaceuticals Ltd., an India-based company (SUNPHARMA, 524715).
Taro also mentioned that their Special Committee, Board of Directors, and Audit Committee are also aligned with the recommendations made by the proxy firms.
Previously, Sun Pharma had extended an offer to purchase all outstanding shares of Taro at the rate of $43 per share in cash.
At the moment, Taro's shares are being traded at $42.35 on the New York Stock Exchange, reflecting a 0.17 percent decrease.
