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Caraco Gets Sun Pharma Offer To Go Private

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(credit: istock) Technology Report
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Detroit-based Caraco Pharmaceutical Laboratories Ltd. (NYSE Amex: CPD) has received an offer to go private from its parent company and India.

Caraco Monday reported receiving a proposal from Sun Pharmaceutical Industries Ltd. and Sun Pharma Global Inc. for a going-private transaction under which Sun, Sun Global, and one or more of their affiliates would acquire all of the outstanding shares of Caraco common stock not held by Sun or Sun Global for a per share consideration of $4.75 in cash. This represents a 5 percent premium over the closing price of Caraco Common Stock on Dec 2, 2010.

The Board of Directors will meet on Tuesday Dec 7, 2010 to discuss this proposal and decide the next steps to be taken.

Detroit-based Caraco develops, manufactures, markets and distributes generic pharmaceuticals to the nation’s largest wholesalers, distributors, drugstore chains and managed care providers.

Its Michigan operations have been closed down since July 2009 after being raided by federal authorities based on product quality concerns. Caraco has a consent agreement with the authorities to work toward resuming local production.

More at www.caraco.com.

(c) 2010, WWJ Newsradio 950. All rights reserved.

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