Taro Asks Shareholders Not to Take Any Action At This Time
HAWTHORNE, N.Y., June 30, 2008 (PRIME NEWSWIRE) -- Taro Pharmaceutical Industries Ltd. ("Taro" or the "Company") (Pink Sheets:TAROF) said today that it would have no formal comment on the unsolicited tender offer commenced today by a subsidiary of Sun Pharmaceutical Industries Ltd. ("Sun"), for all shares of Taro common stock at a price of $7.75 per share until Taro's Board of Directors has an opportunity to review and evaluate the full details of the offer.
Taro said that it expected that its Board of Directors would meet to consider Sun's offer in due course and that, as required by law, the Company would publicly announce the Board's position with respect to the offer on or before July 14, 2008. Taro is asking its shareholders to defer making a decision as to whether to accept or reject the Sun offer until they have been advised of the Board's position with respect to the offer.
Taro also said that its Board of Directors had retained Merrill Lynch as its financial advisor and Yigal Arnon & Co. and Skadden Arps Slate Meagher & Flom LLP as its legal advisors to assist the Board in evaluating Sun's offer.
Taro Pharmaceutical Industries Ltd. is a multinational, science-based pharmaceutical company, dedicated to meeting the needs of its customers through the discovery, development, manufacturing and marketing of the highest quality healthcare products.
For further information on Taro Pharmaceutical Industries Ltd., please visit the Company's website at www.taro.com.
The Taro Pharmaceutical Industries Ltd. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4733
SAFE HARBOR STATEMENT
Certain statements in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements that do not describe historical facts and statements that refer or relate to events or circumstances that the Company "believes," or "expects" to happen, or similar language. Although Taro believes the expectations reflected in such forward-looking statements to be based on reasonable assumptions, it can give no assurance that its expectations will be attained. Taro believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Certain factors that could cause or contribute to such differences include risks detailed from time to time in the Company's SEC reports, including its Annual Reports on Form 20-F. Forward-looking statements speak only as of the date they are made. Taro undertakes no obligation to update, change or revise any forward-looking statements, whether as a result of new information, additional or subsequent developments or otherwise.
CONTACT: Kekst and Company