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Taro Says Its Special Committee Of Board Rejects Proposal From Sun Pharma

Taro Pharmaceutical Industries Ltd. (TARO) announced that the Special Committee of its Board of Directors unanimously rejected the October 18, 2011 unsolicited, non-binding offer from Sun Pharmaceutical Industries Ltd. to buy all of the issued and outstanding shares of Taro not currently held by Sun Pharma for $24.50 per share as inadequate and not in the best interests of Taro's minority shareholders.

Taro noted that the Special Committee reached its conclusion after careful consideration, including a thorough review of Taro's business and prospects with its independent financial advisor Citigroup Global Markets Inc. and its independent legal counsel Goldfarb Seligman & Co. as its Israeli legal counsel and Willkie Farr & Gallagher LLP, as its US legal counsel.

by RTT Staff Writer

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