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Raging Capital Calls On Taro Pharmaceutical Shareholders To Vote Against The Taro / Sun Pharma Merger
Date:9/19/2012

ROCKY HILL, N.J., Sept. 19, 2012 /PRNewswire/ -- Raging Capital Management, LLC ("Raging Capital"), one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. ("Taro") (NYSE: TARO), has issued an open letter to shareholders of Taro calling on shareholders to vote down the proposed "going private" merger between Taro and Sun Pharmaceutical Industries Ltd. ("Sun").  Raging Capital believes that Sun's offer to take Taro private at a price of $39.50 per share significantly undervalues Taro.  Accordingly, Raging Capital intends to vote against the proposed merger and encourages other minority shareholders of Taro to do the same. 

The full text of the letter follows:

Dear Fellow TARO Shareholders,

Raging Capital Management, LLC is one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. ("TARO" or the "Company").

We believe that Sun Pharmaceutical Industries Ltd.'s ("Sun") offer to acquire TARO for $39.50 per share in a "going private" merger (the "Merger") materially undervalues the Company.  As a result, WE INTEND TO VOTE AGAINST THE PROPOSED MERGER AND CALL UPON OUR FELLOW UNAFFILIATED SHAREHOLDERS TO DO THE SAME.  If you believe $39.50 is an acceptable price, you might as well sell your shares into the marketplace – where the stock trades at a significant premium to Sun's offer price.

We also call on TARO's Board of Directors and Special Committee to IMMEDIATELY WALK AWAY FROM THIS PROPOSED DEAL, AS IS THEIR RIGHT UNDER THE MERGER AGREEMENT.  We believe the Board has significantly undervalued the Company.  In our opinion, TARO is an extremely high-quality and unique asset with important scale and presence in the North American generic topical creams, ointments, and dermatological markets.  There are only a handful of companies with TA
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SOURCE Raging Capital Management, LLC
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