Which Indian pharmaceutical company was involved in a legal battle for the takeover of Israeli pharmaceutical company Taro in 2010?

Indian pharmaceutical company Sun Pharma is involved in a legal battle for the takeover of Israeli pharmaceutical company Taro. New York-based   investment   banking   firm Guggenheim Securities on May 27, 2010 offered to buy out Sun Pharma's stake in Taro on behalf of its clients. Sun declined to accept the offer. Sun Pharma and Taro have been locked in a cross-country legal battle, ever since Taro unilaterally terminated the agreement between them, a year after it was formalised in May 2007.

Currently, Sun Pharma is the largest shareholder with 36% equity in Taro acquired at a cost of $110 million. A decision on the validity of termination of the merger agreement by Taro is still pending before the Israel Supreme Court.

Taro promoter Barrie Levitt and family hold 12 per cent shares and by the Israeli law, they still command about two-third voting rights on management decisions. Sun has to acquire another 12 per cent shareholding of the promoter family to gain management control of Taro.