HAWTHORNE, N.Y., July 10, 2008 (PRIME NEWSWIRE) -- Taro Pharmaceutical Industries Ltd. (“Taro,” the “Company”) (Pink Sheets:TAROF) said today that its Board of Directors (with Drs. Barrie Levitt and Daniel Moros and Ms. Tal Levitt neither participating in the deliberations nor voting) has unanimously concluded that Sun’s offer is financially inadequate and is a “sham” offer, because we believe Sun knows that it will not be accepted by the shareholders. Sun’s tender offer price is far below both the current market price of Taro’s shares and the price Sun paid to acquire other blocks of the Company’s shares in recent privately negotiated transactions. In order to gain control of Taro without paying a fair price to the shareholders, Sun is now making a “low-ball” offer that we believe it knows will not succeed, solely for the purpose of exercising certain options pursuant to an option agreement the Levitt and Moros families entered into with Sun at the time the merger agreement was signed over a year ago. In addition the Board has been advised by counsel that the offer is in violation of the Israeli Companies Law - 1999.
