Sun's Taro buyout: Raging Cap asks board to reject offer

In a continuing opposition to Sun Pharma 's offer to acquire 100%  in Taro, Raging Capital, which holds 5% in Taro has again written to its board asking them to immediately reject Sun Pharma's offer, reports CNBC-TV18.

Raging Capital says Taro board's assertions of a diligent special committee look to be disingenuous and mere window-dressing.

Raging Capital also says that the board's actions are focused on advancing Sun Pharma's interests at the expense of minority shareholders. The minority shareholder says it will hold each Taro director personally accountable and liable if undervalued acquisition proposal is accepted.