Supplier News Breaks Archives
Caraco receives proposal to go private
December 6th, 2010
DETROIT – Caraco Pharmaceutical Laboratories Ltd. has received a buyout proposal from Sun Pharmaceutical Industries Ltd. and Sun Pharma Global Inc.
Caraco said Monday that under the proposal to take the generic pharmaceutical company private, Sun, Sun Global and/or one or more of their affiliates would acquire all of the outstanding shares of Caraco common stock for $4.75 per share in cash, a 5% premium over the closing price of the stock on Dec. 2. Sun and Sun Global together own more than 75% of Caraco's common stock.
The Caraco board is slated to meet Tuesday to discuss the proposal and determine the next steps to be taken.
Detroit-based Caraco develops, manufactures, markets and distributes generic pharmaceuticals to the nation's largest wholesalers, distributors, drug store chains and managed care providers.
The company recently introduced a new chief executive officer. G. P. Singh Sachdeva assumed the CEO post last month after the resignation of Jitendra Doshi as interim CEO because of personal and health-related reasons.