The special committee of the board of directors of Taro Pharmaceutical Industries unanimously rejected the Oct. 18, 2011, unsolicited, non-binding offer from Sun Pharmaceutical Industries—to purchase 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.

The special committee reached its conclusion after careful consideration, including a thorough review of Taro's business and prospects with its independent financial advisor legal counsel.