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Raging Capital Sends Letter to Taro Pharmaceutical Board of Directors in Opposition to Inadequate Acquisition Offer by Sun Pharmaceutical
Date:11/3/2011

PRINCETON, N.J., Nov. 3, 2011 /PRNewswire/ -- Raging Capital Management, LLC ("Raging Capital"), one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. ("Taro") (OTC: TAROF), announced today that it delivered a letter to the Board of Directors of Taro opposing the October 18, 2011 proposal by Sun Pharmaceutical Industries Ltd. ("Sun Pharma") to acquire the remaining outstanding shares of Taro for $24.50 per share.  In the letter, Raging Capital agreed with the views previously expressed by Grand Slam Asset Management and stated that the proposed consideration is grossly inadequate and fails to provide full and fair value to Taro's minority shareholders. Raging Capital called on the Board to form a special committee composed of members who are truly independent from Sun Pharma and retain independent advisors to explore and evaluate all strategic alternatives to maximize shareholder value.

The full text of the letter follows:

November 3, 2011

Dear Members of the Board of Taro Pharmaceutical Industries Ltd.:

As one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. ("Taro" or the "Company"), we are writing to you to express our serious concerns with the October 18, 2011 proposal of Sun Pharmaceutical Industries Ltd. ("Sun Pharma") to acquire all of the issued and outstanding shares of Taro, not currently held by Sun Pharma, at a price of $24.50 per share, in cash (the "Acquisition Proposal").  We believe the proposed consideration of $24.50 is grossly inadequate and is not in the best interests of Taro and its minority shareholders.  It is incumbent upon the independent directors in accordance with their fiduciary duties to take all actions necessary to protect the best interests of shareholders and ensure that shareholders receive full and fair value in any proposed transaction.

We agree with the position expressed by another significant Taro shareholder, Gra
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SOURCE Raging Capital Management, LLC
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