Committed to Protecting Minority Shareholders
HAIFA BAY, Israel & HAWTHORNE, N.Y.--(BUSINESS WIRE)--Jan. 12, 2012--
Taro Pharmaceutical Industries Ltd. (“Taro,” Pink Sheets: TAROF)
announced today that the Special Committee of its Board of Directors
formed to evaluate the offer from Sun Pharmaceutical Industries Ltd.
(Reuters: SUN.BO, Bloomberg: SUNP IN, NSE: SUNPHARMA, BSE: 524715)
(together with its subsidiaries and affiliates, “Sun Pharma”) continues
to evaluate Sun Pharma’s non-binding October 18, 2011 cash offer of
$24.50 per share for all of the issued and outstanding shares of Taro
not currently held by Sun Pharma.
The Special Committee continues to work diligently together with its
financial and legal advisors to evaluate the terms of the Sun Pharma
offer and is committed to protecting the interests of Taro’s minority
shareholders. The Special Committee has engaged Citigroup Global Markets
Inc. as its financial advisor, Goldfarb Seligman & Co. as its Israeli
legal counsel and Willkie Farr & Gallagher LLP as its U.S. legal counsel.
The Special Committee has carefully reviewed the letters recently made
public from some minority shareholders regarding the offer and wants to
assure minority shareholders that thoughtful consideration and
evaluation of all available information will be undertaken prior to
making any recommendations. The Special Committee recognizes its primary
objective is to maximize value for the minority shareholders of Taro and
will take all steps necessary to ensure this objective is achieved. In
addition, it should be noted that there can be no assurance that any
definitive offer will be made, that any such offer will be accepted,
that any agreement will be executed or that any transaction will be
approved or consummated.
As previously announced, the members of the Special Committee are Ilana
Avidov-Mor, Dan Biran and Professor Dov Pekelman, who serves as Chairman
of the Special Committee.
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 Taro's website at www.taro.com.
SAFE HARBOR STATEMENTS
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 Taro “estimates,” “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 assurances that
its expectations will be attained. Factors that could cause
actual results to differ include the offer evaluated by Taro's Board of
Directors, acceptance of the offer by Taro Shareholders, approval, if
any required, by regulatory authorities, general domestic and
international economic conditions, industry and market conditions,
changes in Taro's financial position, litigation brought by any party in
any court in Israel, the United States, or any country in which Taro
operates, regulatory actions and legislative actions in the countries in
which Taro operates, and other risks detailed from time to time in
Taro's SEC reports, including its Annual Reports on Form 20-F. Forward-looking
statements speak only as of the date on which they are made. Taro
undertakes no obligations to update, change or revise any
forward-looking statement, whether as a result of new information,
additional or subsequent developments or otherwise.
Source: Taro Pharmaceutical Industries Ltd.
Taro Pharmaceutical Industries Ltd.
William J. Coote, 914-345-9001