Taro Pharma the Israli Pharma major has rejected the revised takeover offer from the Indian pharma company Sun pharmaceuticals, citing that Sun’s condition of eliminating the voting threshold would violate israeli laws. The merger deal signed on 18th May 2007 stipulated a price of 7.75$ per share for Taro, but even the revised offer of 10.25$ has been rejected just 12 months down the line. It is interesting to note that the profitability of Taro has been improving over the last few quarters.