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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

entering into any agreement so that the value of the Company in any sale can be maximized.

Another important step in the process is retaining expert, independent advisers to assist the special committee in its deliberations.  The special committee should have no problem retaining top tier, independent advisers experienced in transactions of this size and complexity. While we do not presume to recommend any particular investment bank, we do expect that the special committee will ensure that the firms selected have no prior relationship with Sun Pharma.

Sun Pharma's prior history with Taro dating back to 2007 and the circumstances under which Sun Pharma gained a controlling stake in the Company give us even further pause for concern that the interests of minority shareholders are not being properly looked after.  Sun Pharma and Taro entered into a merger agreement in May 2007 pursuant to which Sun Pharma would acquire Taro for $7.75 per share.  The proposed transaction was met with opposition from shareholders and after it became clear that the merger may not be approved by shareholders and after the Board concluded that a revised $10.25 offer from Sun Pharma was inadequate, Taro announced on May 28, 2008 that it had terminated the Merger Agreement in accordance with its terms.  

Litigation ensued for over two years and all the way up to the Supreme Court of the State of Israel as Taro attempted to enjoin Sun Pharma from acquiring a controlling stake of Taro through a tender offer without adhering to the "special tender offer" rules under Israeli law that provide protections for minority shareholders.  Around the same time, in June 2008, Sun Pharma attempted to exercise an option to acquire a large block of shares from certain members of the families of the Company's founders and ultimately entered into a letter agreement and settlement agreement in September 2010 with these controlling family shareholders pursuant t
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SOURCE Raging Capital Management, LLC
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