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

RO's research, development, marketing, and distribution capabilities.  A transaction with Sun at $39.50 does not maximize value for all shareholders – it only maximizes value for Sun.

At $39.50 per share, we estimate TARO is being valued at just over 6x its run-rate EPS and less than 5x EBITDA after subtracting the Company's nearly $7.00 per share in net cash.  In our opinion, at this valuation an investor would be hard-pressed to find an equity security of TARO's quality and cheapness anywhere else on the planet.  In fact, we challenge Sun and TARO to demonstrate that $39.50 is a reasonable valuation especially when comparable assets have sold from anywhere between 8x to 12x EBITDA during the past nine months. 

The reality is that TARO is of significant actual and prospective value to Sun, a $12.8 billion market cap company in India.   TARO currently represents nearly 37% of Sun's EBITDA; valued at Sun's current market multiple, this would imply a value of $107 per share for TARO.  Strategically, TARO represents an irreplaceable component of Sun's plans to expand globally and into North America. 

The TARO proxy statement and Citigroup's "fairness opinion" that attempts to rationalize the merits of Sun's offer is insulting to shareholders.  A judge should throw the book at TARO and Sun for projecting 2012 EBITDA of just $267 million when TARO generated $145 million in EBITDA in the first two quarters of 2012 alone.  Based on year-to-date and Q2 results and considering current pricing and script volume data, we estimate full year EBITDA could be between $320 and $350 million, approximately 20% to 31% higher than TARO's and Sun's lowball estimate. 

Fortunately, Israeli law provides for significant minority shareholder protections, including a "majority of the minority" rule that allows minority shareholders to vote down this proposed Merger.  For these reasons, WE INTEN
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SOURCE Raging Capital Management, LLC
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