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IsZo Capital Writes to Special Committee of Taro Pharmaceutical Opposing Sun Pharmaceutical Offer and Liability Protection Management Proposals
Date:11/30/2011

NEW YORK, Nov. 30, 2011 /PRNewswire/ -- IsZo Capital Management LP, one of the largest minority shareholders of Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF), announced today that it delivered the following letter to the Special Committee of the Board of Directors of Taro demanding that it reject the proposal made by Sun Pharmaceutical Industries Ltd. on October 18, 2011 to acquire the remaining outstanding shares of Taro for $24.5 per share.

November 29, 2011

Board of Directors
Taro Pharmaceutical Industries Ltd.
Euro Park (Italy Building)
Yakum Business Park, Yakum 60972, Israel

Attention:

Dilip Shanghvi, Chairman of the Board

 

Dan Biran, Chairman of the Audit Committee

 

Members of the Special Committee Evaluating Sun Acquisition Proposal

Dear Members of the Board, Audit Committee and Special Committee:

IsZo Capital LP is one of the largest minority shareholders of Taro Pharmaceutical Industries, if not the largest, and has been a shareholder for many years. We are writing to you as a concerned minority shareholder to demand that you exercise your fiduciary duties to us, and to similarly situated minority shareholders, and reject the Sun Pharmaceutical Industries acquisition proposal as the offer price is grossly inadequate, substantially undervalues Taro and is not in the best interests of Taro and the minority shareholders of Taro.

For the reasons set forth below, our stake in Taro is not for sale at this time. Like Sun, IsZo Capital prefers to retain its shares and realize the true value of the company instead of giving away our shares to Sun at the egregiously low price offered.

Rather than expending needed time and energy on Sun's below-mar
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SOURCE IsZo Capital Management LP
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