Indian pharmaceutical firm Sun Pharmaceutical must double its current offer for the remaining stake in Taro if it is to be successful.

Sun currently owns 66% of the company and has offered to acquire the remaining 34% at $24.5 a share, equivalent to a 26% premium over its $19.45 trade price on Monday.

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This bid was, however, rejected by one of the remaining shareholders, Grand Slam Asset Management, which has requested almost double that amount.

Grand Slam has stated it believes a fair evaluation would be at least 15 times the company’s EBITDA, corresponding with six similar acquisitions of US generic drug manufacturers, equivalent to $48.5 a share.

Grand Slam reiterated its stance in a letter to the Taro board, which also urged the hire of independent counsel and investment bankers in order to oversee any further Sun offers.

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