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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

nd Slam Asset Management, LLC ("Grand Slam"), in its October 18, 2011 letter to the Board urging the rejection of the Acquisition Proposal.  Grand Slam's analysis demonstrates that the price offered by Sun Pharma is grossly inadequate and that the financial analysis upon which Sun Pharma's proposal is based is fundamentally flawed.  Much like Grand Slam, we feel that a proper valuation of Taro's shares cannot be based solely on the current market price of Taro's shares in light of the steep discount at which Taro's shares trade as a result of the Board's failure to list on a nationally recognized exchange.  A fair price for Taro's shares should be consistent with the trading multiples for publicly traded generic pharmaceutical companies and the multiples in merger and acquisition transactions for publicly traded generic pharmaceutical companies, which implies a per share price well above the $24.50 offered by Sun Pharma.

A look at the relative valuations of Taro and Sun Pharma provides further substantiation that the Acquisition Proposal grossly undervalues Taro. Based on an average share price for the sixty days preceding the Acquisition Offer, Sun Pharma's enterprise value was $10.08 billion, or 24 times trailing twelve-month earnings before interest, taxes, depreciation, and amortization (EBITDA).  On a fully consolidated basis, Taro contributed a substantial 30.9% of Sun Pharma's pro-forma EBITDA.  In contrast, Sun Pharma's offer of $24.50 per share is equivalent to just 10.1% of Sun Pharma's enterprise value. The relative EBITDA contribution from Taro indicates that full value would have to be $71.60 per Taro share in order to equal 30.9% of Sun Pharma's enterprise value.

In fact, the movement of Sun Pharma's own stock price following the announcement of the Acquisition Proposal is telling.  Typically, when an acquirer is deemed to have paid a "full and fair price" for a target, the acquirer's shares trade down. 
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SOURCE Raging Capital Management, LLC
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