Raging Capital Management, LLC , one of the largest unaffiliated shareholders of Taro Pharmaceutical Industries Ltd. (TAROF.PK), announced that it sent a letter to the Board of Directors of Taro demanding that it immediately reject the October 18, 2011 proposal of Sun Pharmaceutical Industries Ltd. to acquire all of the remaining outstanding shares of Taro at a price of $24.50 per share.
Raging Capital stated that it will hold each Taro director personally accountable and liable to the extent the Board accepts any acquisition proposal that undervalues the company.
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