NEW YORK, Dec. 13, 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 Board of Directors of Taro demanding that it withdraw immediately from the agenda for the upcoming annual shareholders' meeting certain liability protection management proposals.
December 13, 2011
Board of Directors of
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
Re: Taro's Annual General Meeting of Shareholders
Reference: our letter dated November 29, 2011
Dear Members of the Board, Audit Committee and Special Committee:
We are writing to you, on an urgent basis, as follows:
1. In our letter dated November 29, 2011, to which you have not responded, we expressed our dissatisfaction with the Sun Pharmaceutical Industries ("Sun") acquisition proposal and demanded that you exercise your fiduciary duties, and reject Sun's proposal as the offer price is grossly inadequate, substantially undervalues Taro Pharmaceutical Industries ("Taro") and is not in the best interest of Taro and its minority shareholders.
2. After reviewing Taro's recentl
|SOURCE IsZo Capital Management LP|
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