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Taro forms special committee to review Sun offer


HAIFA BAY, Israel — Israel's Taro Pharmaceutical Industries has formed a special committee to review an offer by India's Sun Pharmaceutical Industries for all of the shares of Taro that it doesn't already own, Taro said.

Sun offered Taro $24.50 per share on Oct. 18. Sun has sought to acquire Taro since 2008.

Taro reported a 14.2% increase in sales in second quarter 2011 over second quarter 2010, while profits increased by $19.3 million during the same period.

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