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On Friday, Taro Pharmaceutical (NYSE: TARO ) announced that it and Sun Pharmaceutical Industries have called off their merger agreement by mutual agreement, saying the decision is "in the best interest of the respective companies and shareholders."
This means Taro shareholders can no longer expect to be cashed out of their shares at the agreed price of $39.50. However, considering Taro shares currently fetch $51.96 on the open market, that's not particularly bad news. In fact, investors seem to think it's quite good news and bid up Taro shares by 2.8% Friday in response.