Taro Pharma: Jumps on $225 mln share buyback

Taro Pharmaceutical Industries

15/11/2019 17:09

** Drug developer's shares  TARO.N  jump 13% to hit a
4-month high of $86.26; set for their best day in over 2-1/2
years 
    ** Company commences a modified "Dutch auction" tender offer
to buyback up to $225 mln in value of shares at a price not
greater than $92/shr nor less than $80/shr  urn:newsml:reuters.com:*:nBw8nCx3wa
    ** A Dutch auction allows shareholders to declare the number
of shares they sell, and the price at which they will sell them
    ** Company says it will purchase 2.4 mln shares at $92/shr,
or 2.8 mln shares at $80/shr 
    ** TARO has market value of $2.94 bln - Refinitiv
    ** More than 70k shares exchange hands, ~9x their 25-day
moving avg
    ** Shares, which have risen 2% this year, closed at $76.22
on Thursday 

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 7786;))