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MUMBAI: Sun Pharmaceutical Industries on Thursday announced that its subsidiary has exercised the Options to acquire all the shares held by the shareholders of Taro Pharmaceuticals Industries.

On May 18, Taro and Sun Pharma's subsidiary entered into a merger agreement whereby the latter would acquire Taro which its board of directors unanimously approved. Later, on May 28, Taro alleged to terminate the merger agreement.

Pursuant to the Options agreement, Sun Pharma may exercise its options within 30 days after termination of the merger agreement. Although, Sun Pharma said that Taro's termination of the agreement was improper, it has exercised the Options to preserve its rights under the agreement.

Sun Pharma would commence a Tender Offer at $7.75 per share in the next few days for all ordinary shares as required under the Options agreement, a release on the BSE stated.

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