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Raging Capital Calls Upon Board of Taro Pharmaceutical to Immediately Reject Sun Pharma's Acquisition Proposal
Date:2/27/2012

ROCKY HILL, N.J., Feb. 27, 2012 /PRNewswire/ -- Raging Capital Management, LLC ("Raging Capital"), one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. ("Taro") (Pink Sheets: TAROF), announced today that it delivered a letter to the Board of Directors of Taro demanding that it immediately reject the October 18, 2011 proposal of Sun Pharmaceutical Industries Ltd. to acquire all of the remaining outstanding shares of Taro at a price of $24.50 per share.  Raging Capital stated that it will hold each Taro director personally accountable and liable to the extent the Board accepts any acquisition proposal that undervalues the company. 

The full text of the letter follows: 

 February 27, 2012Taro Pharmaceutical Industries Ltd.

 14 Hakitor Street

 Haifa Bay 26110, Israel

 Attn:

Board of Directors:

  

Dilip Shanghvi

  

Sudhir Valia

  

Aalok Shanghvi

  

Dov Pekelman

  

Ilana Avidov-Mor

  

Dan Biran

  

James Kedrowski

 Dear Members of the Board:

Raging Capital Management, LLC is one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. ("Taro" or the "Company").  In a letter to the Board of Directors dated November 3, 2011, we expressed to you our serious concerns regarding the grossly inadequate proposal of Sun Pharmaceutical Industries Ltd. ("Sun Pharma") to acquire all of the issued and outstanding shares of Taro at a price of $24.50 per share, in cash (the "Acquisition Proposal").  We are disappointed that you have still not responded to this letter.  Since then, we have read with great interest various public lette
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SOURCE Raging Capital Management, LLC
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