In a statement announced last week Sun – which owns a 61 per cent stake in Taro – said the two firms agreed to terminate the $685m (€511m) merger deal that was proposed last year.
The 2,000 or so sunsets since Sun launched its takeover bid for Taro in 2007 – which was prompted by financial troubles the Tel Aviv faced at the time - have been accompanied by disagreement , personal acrimony and legal battles .
However, in the last few years – since Sun acquired its controlling stake in 2010 – a takeover deal had started to look more likely with – in August 2012 – the Indian firm launching its final bid in August 2010.
Quite why the deal has been abandoned at this stage is unclear, but some observers linked it to Taro’s profits, which have grown like the Asian food crop with which the firm shares its name. In the past nine months for example operating income increased 35.7 per cent to $265m.
Nitin Agarwal, an analyst at IDFC Securities told Bloomberg that: "As earnings keep coming in stronger and stronger for Taro, there was obviously a lot of disconnect with the price Sun was willing to offer.”