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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

60;In this instance, however, as of October 31, 2011 the price of Sun Pharma's common stock was actually up more than 9% since the announcement of the Acquisition Proposal, demonstrating that the market believes Sun Pharma is getting Taro at below value.

Sound corporate governance and well-established principles of fairness and equity in both Israel and the U.S. mandate that the Board set up a mechanism for the evaluation of the Acquisition Proposal that would frustrate any coercive attempts by Sun Pharma to take advantage of Taro's minority shareholders.  We expect Taro to follow through with its stated intention of forming a special committee to review the Acquisition Proposal.  It is imperative that such a special committee is composed of members who are truly independent from Sun Pharma.  The need for such a disinterested special committee is heightened by the fact that many of the members of the current Board were appointed by Sun Pharma in September 2010 in connection with the transaction through which Sun Pharma gained a controlling stake in the Company, including the letter agreement and settlement agreement between Sun Pharma and the families of the Company's founders.  Furthermore, such a disinterested special committee should have a stated purpose to fully protect the minority shareholders of Taro and a clear mandate to evaluate and take all appropriate and available steps to ensure that the rights of Taro's minority shareholders are not trampled on.  

Equally as important as the composition of any special committee that is formed is the scope of its authority. In this regard, we believe it is critical that the special committee have the authority to explore all potential transactions, and not be limited to simply negotiating the terms of a transaction with Sun Pharma. We think it important that the Special Committee be specifically authorized to contact other potential strategic and financial bidders prior to
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SOURCE Raging Capital Management, LLC
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