Caraco Pharmaceutical Laboratories on Tuesday said it has entered into a merger agreement with Sun Pharmaceutical Industries, which has increased its offer price per share by 10.52%."The merger agreement provides that all shareholders of Caraco, other than Sun Pharma and Sun Global, will receive a cash payment of $5.25 per share upon the closing of the transaction," Caraco said in a statement on its website.
The company had earlier announced that Sun Pharma and Sun Global had proposed to delist the NYSE listed firm, under which Sun Pharma, Sun Global and/or one or more of their affiliates would acquire all of the outstanding shares of Caraco common stock for a per share consideration of $4.75 cash.
Sun Pharma and its subsidiary Sun Global collectively own 75.8% of Caraco common stock.
"Upon completion of the transaction, Caraco will become a privately held company and its common stock will no longer be traded on the NYSE Amex," it said.
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