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

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7/19/2012 7:54 AM ET

Taro Pharmaceutical Industries Ltd. (TARO: Quote) 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.

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by RTT Staff Writer

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