-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ax0VWewdtmV7mb84OiuTlvv69I7UxgDLriyw4Zgzusr74Sf9sk67w5ynQZlhs1AD IiP6EyZ9kYmwRLyj419aOQ== 0000947871-08-000338.txt : 20080530 0000947871-08-000338.hdr.sgml : 20080530 20080530165734 ACCESSION NUMBER: 0000947871-08-000338 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20080530 DATE AS OF CHANGE: 20080530 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TARO PHARMACEUTICAL INDUSTRIES LTD CENTRAL INDEX KEY: 0000906338 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-49231 FILM NUMBER: 08871362 BUSINESS ADDRESS: STREET 1: 14 HAKTOR ST CITY: HAIFA BAY STATE: L3 ZIP: 26110 BUSINESS PHONE: 9143459001 MAIL ADDRESS: STREET 1: THREE SKYLINE DR CITY: HAWTHORNE STATE: NY ZIP: 10532 FORMER COMPANY: FORMER CONFORMED NAME: TARO VIT INDUSTRIES LTD /ISRAEL/ DATE OF NAME CHANGE: 19930601 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SUN PHARMACEUTICAL INDUSTRIES LTD CENTRAL INDEX KEY: 0001197089 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: SPARC AKOTA ROAD CITY: VADODARA STATE: K7 ZIP: 390020 BUSINESS PHONE: 01191228212128 SC 13D/A 1 ss38996_sc13da.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D/A
(Amendment No. 4)
 
Under the Securities Exchange Act of 1934
 
 TARO PHARMACEUTICAL INDUSTRIES LTD.
(Name of Issuer)
 
ORDINARY SHARES, PAR VALUE NIS 0.0001 PER SHARE
(Title of Class of Securities)
 
 M8737E108
 (CUSIP Number)
 
 Mr. Sudhir V. Valia, Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai 400 059, India
 (Name, Address and Telephone Number of Person Authorized
 to Receive Notices and Communications)
 
 May 29, 2008
 (Date of Event Which Requires Filing of this Statement)
 
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because § 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g) check the following box o.
 
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7(b) for other parties to whom copies are to be sent.
 
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
 
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 
SCHEDULE 13D/A
 
CUSIP No.  M8737E108
  
Page 2 of 13 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
SUN PHARMACEUTICAL INDUSTRIES LTD.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
(a) o
(b) x
  
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS
 
PF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
The Republic of India
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
17,346,057*
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
17,346,057
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
17,346,057
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
40.12%**
14
TYPE OF REPORTING PERSON (See Instructions)
 
CO
 
*            Includes 3,770,833 Ordinary Shares acquired by Alkaloida Chemical Company Exclusive Group Ltd. (“Alkaloida”), an indirect subsidiary of Sun Pharmaceutical Industries Ltd. (“Sun”), on May 21, 2007 and 3,016,667 Ordinary Shares acquired by Alkaloida on May 30, 2007, in each case pursuant to the share purchase agreement dated May 18, 2007 (“Purchase Agreement”), between Alkaloida and the Issuer, which entitled Alkaloida to acquire a total of 7,500,000 Ordinary Shares; 58,000 Ordinary Shares acquired by Sun Pharma Global, Inc. (“Sun Pharma”), a direct wholly-owned subsidiary of Sun, on July 11, 2007 and 500 Ordinary Shares acquired by Sun Pharma on July 23, 2007, in each case in open market transactions; 3,000,000 Ordinary Shares acquired by Alkaloida on August 2, 2007, pursuant to Sun’s rights under the warrant, dated May 18, 2007, issued by the Issuer to Sun (the “Original Warrant”); and 3,712,557 Ordinary Shares acquired by Alkaloida on February 19, 2008, from Brandes Investment Partners, L.P., for and on behalf of certain of its investment advisory clients (“Brandes”).  This amount also includes 3,787,500 Ordinary Shares which Sun, under certain circumstances, has the right to acquire pursuant to a warrant issued to Sun by the Issuer on August 2, 2007 (“Warrant No. 2”).
 
**          Based on 36,453,118 Ordinary Shares outstanding as of June 7, 2007 as reported by the Issuer in its Proxy Statement filed on Form 6-K on June 11, 2007; 3,000,000 Ordinary Shares issued pursuant to the Original Warrant; and an additional 3,787,500 Ordinary Shares issuable upon exercise of Warrant No. 2.
 
 
SCHEDULE 13D/A
 
CUSIP No.  M873E108
  
Page 3 of 13 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
SUN PHARMA GLOBAL INC.
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) o
(b) x
  
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS
 
PF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
The British Virgin Islands
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
13,558,557*
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
13,558,557
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,558,557
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See Instructions)
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
34.37%**
14
TYPE OF REPORTING PERSON
 
CO
 
*            Includes 3,770,833 Ordinary Shares acquired by Alkaloida on May 21, 2007 and 3,016,667 Ordinary Shares acquired by Alkaloida on May 30, 2007, in each case pursuant to the Purchase Agreement; 58,000 Ordinary Shares acquired by Sun Pharma on July 11, 2007 and 500 Ordinary Shares acquired by Sun Pharma on July 23, 2007, in each case in open market transactions; 3,000,000 Ordinary Shares acquired by Alkaloida on August 2, 2007, pursuant to Sun’s rights under the Original Warrant; and 3,712,557 Ordinary Shares acquired by Alkaloida on February 19, 2008, from Brandes.
 
**          Based on 36,453,118 Ordinary Shares outstanding as of June 7, 2007 as reported by the Issuer in its Proxy Statement filed on Form 6-K on June 11, 2007; and 3,000,000 Ordinary Shares issued pursuant to the Original Warrant.
 
 
SCHEDULE 13D/A
 
CUSIP No.  M8737E108
  
Page 4 of 13 Pages
         
1
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
 
ALKALOIDA CHEMICAL COMPANY EXCLUSIVE GROUP LTD
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) o
(b) x
  
3
SEC USE ONLY
 
 
4
SOURCE OF FUNDS (See Instructions)
 
PF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
The Republic of Hungary
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
7
SOLE VOTING POWER
 
13,500,057*
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
13,500,057
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
13,500,057
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
34.22%**
14
TYPE OF REPORTING PERSON
 
CO
 
*            Includes 3,770,833 Ordinary Shares acquired by Alkaloida on May 21, 2007 and 3,016,667 Ordinary Shares acquired by Alkaloida on May 30, 2007, in each case pursuant to the Purchase Agreement; 3,000,000 Ordinary Shares acquired by Alkaloida on August 2, 2007, pursuant to Sun’s rights under the Original Warrant; and 3,712,557 Ordinary Shares acquired by Alkaloida on February 19, 2008, from Brandes.
 
**          Based on 36,453,118 Ordinary Shares outstanding as of June 7, 2007 as reported by the Issuer in its Proxy Statement filed on Form 6-K on June 11, 2007; and 3,000,000 Ordinary Shares issued pursuant to the Original Warrant.
 
 
This Amendment No. 4 amends and supplements the Statement on Schedule 13D originally filed by the Reporting Persons with the Securities and Exchange Commission on July 3, 2007 (the “Original Schedule 13D”); the Amendment No. 1 to the Original Schedule 13D, filed on July 25, 2007 (the “Amendment No. 1”); the Amendment No. 2 to the Original Schedule 13D , filed on August 2, 2007 (the “Amendment No. 2”); the Amendment No. 3 to the Original Schedule 13D, filed on February 19, 2008 (the “Amendment No. 3”, together with the Original Schedule 13D, the Amendment No. 1 and the Amendment No. 2, the “Schedule 13D”), with respect to the Ordinary Shares, par value NIS .0001 per share (the “Ordinary Shares”), of Taro Pharmaceutical Industries Ltd. an Israeli corporation (the “Issuer”), whose principal executive offices are located at Italy House, Euro Park, Yakum 60972, Israel.  Unless otherwise indicated, each capitalized term used but not defined herein shall have the meaning assigned to such term in the Schedule 13D.
 
Item 4. Purpose of Transaction.
 
The response set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by deleting the final paragraph of Item 4 and replacing it with the following:
 
“On May 28, 2008, Alkaloida and Aditya Acquisition Company Ltd. (“Merger Sub”) received a notice from the Issuer notifying Sun and its affiliates that Issuer has terminated the Merger Agreement.  Sun’s Chairman & Managing Director, Dilip S. Shanghvi, also received a letter regarding the Merger Agreement termination from Barrie Levitt, M.D., Chairman of the Board of Directors of Issuer, filed hereto as Exhibit 99.15.  This letter contained a number of factual inaccuracies that have been addressed in Sun’s response letter, dated May 29, 2008 and filed hereto as Exhibit 99.16.
 
On May 28, 2008, Issuer filed an initiating motion with the Tel Aviv Jaffa District Court seeking a declaratory judgment and permanent injunction against Sun, Alkaloida and Merger Sub (collectively, the “Respondents”).  Issuer claims that Respondents are not entitled to purchase or offer to purchase, and shall refrain, individually and collectively, from purchasing or offering to purchase, shares of Issuer that would result in the percentage of their holdings in Issuer exceeding 45% of the voting rights in Issuer, otherwise than by means of a special tender offer pursuant to Israeli law.
 
In light of the foregoing, Sun and its affiliates are now considering all of their options and will make a decision as to how to proceed at the relevant time.”
 
Item 7. Materials to be Filed as Exhibits.
 
Exhibit No.
Description
99.15
Letter, dated May 28, 2008, from Barrie Levitt, M.D. to Dilip S. Shanghvi
99.16
Letter, dated May 29, 2008, from Dilip S. Shanghvi to Barrie Levitt, M.D.
 
 
SIGNATURE
 
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
 
Dated:

May 30, 2008
SUN PHARMACEUTICAL INDUSTRIES LTD.
 
     
     
         /s/ Dilip S. Shanghvi   
                                    Signature  
     
     
  Mr. Dilip S. Shanghvi   
  Chairman & Managing Director  
                                     Name/Title  
     
     
  SUN PHARMA GLOBAL, INC.  
     
     
        /s/ Harin Mehta  
                                     Signature   
     
     
  Mr. Harin Mehta  
  Managing Director   
                                      Name/Title   
     
     
  ALKALOIDA CHEMICAL COMPANY   
  EXCLUSIVE GROUP LIMITED.   
     
     
        /s/ Harin Mehta  
                                     Signature    
     
     
  Mr. Harin Mehta  
  Director   
                                     Name/Title    
     
 
 
SCHEDULE A
 
ADDITIONAL INFORMATION CONCERNING THE REPORTING PERSONS
 
The response set forth in Schedule A of the Schedule 13D is hereby amended and restated in its entirety with the information below:
 
SUN PHARMACEUTICAL INDUSTRIES LTD.
 
Name of Directors of
Reporting Persons
Principal Address
Principal Occupation
Citizenship
Dilip S. Shanghvi1
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India.
Chairman of the Board and Managing Director, Sun Pharmaceutical Industries Ltd.
Indian
Sudhir V. Valia
Sun Pharmaceutical Industries Ltd.
Acme Plaza, Andheri Kurla Road,
Andheri (East),
Mumbai – 400 059, India.
Director, Sun Pharmaceutical Industries Ltd.
Indian
Sailesh T. Desai
Sun Pharmaceutical Industries Ltd. 402, 4th Floor, R. K. Centre, Fatehgunj Main Road, Baroda – 390 002, India.
Director, Sun Pharmaceutical Industries Ltd.
Indian
S. Mohanchand Dadha
 
250 Lloyds Road, Royapettah, Chennai 600014, India.
Businessman.
Indian
Hasmukh S. Shah
15 Dhanushya Society, Sama Road, Vadodara 390 008, India.
Professional.
Indian
Keki Minu Mistry
HDFC Limited, Ramon House, 5th Floor, H. T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai – 400 020, India.
Managing Director, HDFC Limited.
Indian
Ashwin S. Dani
Asian Paints (India) Ltd. 6-A, Shanti Nagar, Santacruz (East), Mumbai – 400055,  India.
Vice Chairman & Managing Director, Asian Paints (India) Ltd.
Indian

 
 
 
Name of Executive Officers of
Reporting Persons
Principal Addres
Principal Occupation2
Citizenship
Vipul Doshi
Sun Pharmaceutical Industries Ltd. SPARC, Tandalja, Vadodara-390 020, Gujarat, India.
Sr. Vice President
(Quality).
Indian
Rakesh Mehta
Sun Pharmaceutical Industries Ltd. Acme Plaza, Andheri Kurla Road, Andheri (E) Mumbai – 400 059 Maharashtra, India.
Sr. Vice President, (International Marketing).
Indian
Abhay Gandhi
Sun Pharmaceutical Industries Ltd. Acme Plaza, Andheri Kurla Road, Andheri  (E) Mumbai – 400 059, Maharashtra, India.
Exec. Vice President, (International Marketing).
Indian
T. K. Roy
Sun Pharmaceutical Industries Ltd. Acme Plaza, Andheri Kurla Road, Andheri  (E) Mumbai – 400 059, Maharashtra, India.
Sr. Vice President (Marketing).
Indian
Lokesh Sibal
Sun Pharmaceutical Industries Ltd. Acme Plaza, Andheri Kurla Road, Andheri  (E) Mumbai – 400 059, Maharashtra, India.
Sr. Vice President
(Marketing).
Indian
Sharda Crishna
Sun Pharmaceutical Industries Ltd. Acme Plaza, Andheri Kurla Road, Andheri  (E) Mumbai – 400 059, Maharashtra, India.
Sr. Vice President
(Marketing).
Indian
 
 
2           The Principal Occupation of each person is employment by Sun Pharmaceutical Industries Ltd.
 
 
Name of Executive Officers of
Reporting Persons
Principal Addres
Principal Occupation2
Citizenship
Kirti Ganorkar
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India.
Vice President
(Business Development).
Indian
Sampad Bhattacharya
Sun Pharmaceutical Industries Ltd., Halol, Gujarat, India.
Vice President
(Operations).
Indian
A. H. Khan
Sun Pharmaceutical Industries Ltd., Acme Plaza, Andheri Kurla Road, Andheri  (E) Mumbai – 400 059 Maharashtra, India.
Sr. General Manager
(Human Resources).
Indian
D. R. Desai
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India.
Sr. General Manager
(Accounts).
Indian
Kamlesh H. Shah
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri  (E) Mumbai – 400 059 Maharashtra, India.
Deputy General Manager
(Accounts) & Company Secretary.
Indian
Ashok I. Bhuta
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093 India.
Deputy General Manager
(Legal & Secretarial) & Compliance Officer.
Indian
Dr. Ratnesh Shrivastava
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India.
Vice President (Intellectual Property Cell).
Indian
 
 
Name of Executive Officers of
Reporting Persons
Principal Addres
Principal Occupation2
Citizenship
Uday V. Baldota
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India.
Vice President (Investor Relations).
Indian
Sunil P. Mehta
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093, India.
Vice President.
Indian
K. Nandakumar
Sun Pharmaceutical Industries Ltd. Acme Plaza, Andheri Kurla Road, Andheri  (E) Mumbai – 400 059, Maharashtra, India.
Vice President (Marketing).
Indian

 
SUN PHARMA GLOBAL INC.
 
Name of Directors of
Reporting Persons
Principal Address
Principal Occupation
Citizenship
Dilip S. Shanghvi
Sun Pharmaceutical Industries Ltd. 17/B, Mahal Industrial Estate, Mahakali Caves Road, Andheri (East), Mumbai 400 093. India.
Director, Sun Pharmaceutical Industries Ltd.
Indian
Harin Mehta
Flat no. 3,1, Elmunkas street, Tiszavasvari, Hungary - 4440
Managing Director, Sun Pharma Global Inc.
Indian
Sunil Gandhi
SuGandhManagement, Consultancy, 704, Al Tawihidi  Building, 2, Mankhool Road, Near Ramda Hotel, Bur-Dubai, P. O. Box 12850. Dubai, U. A. E.
Financial Consultant.
Indian
Surendra Joshi
P.O. Box 696, Muttrah, Post Code No. 114, Sultanate of Oman.
Tax Consultant.
Indian
 
 
Name of Directors of
Reporting Persons
Principal Address
Principal Occupation
Citizenship
Rajendra Purshotam Ashar
P.O. Box 526, Muttrah, Post Code No. 131, Ai Hamriya, Sultanate of Oman.
Businessman.
Indian

 
Name of Executive Officers of
Reporting Persons
Principal Address
Principal
Occupation3
Citizenship
Ms.Hellen De Kloet
Sun Pharma Global Inc. P.O Box 12850, Dubai, U.A.E.
President, Europe.
Netherlands
Dr. Juliette Omtzigt
Sun Pharma Global Inc. P.O Box 12850, Dubai, U.A.E.
General Manager -Regulatory Affairs, Europe.
Netherlands
Marc Hourigan
Sun Pharma Global Inc. P.O Box 12850, Dubai, U.A.E.
Vice President – Business Development (Hospital Products).
United Kingdom

 
ALKALOIDA CHEMICAL COMPANY EXCLUSIVE GROUP LTD.
 
Name of Directors of
Reporting Persons
Principal Address
Principal Occupation
Citizenship
Harin Mehta
Flat no. 3,1, Elmunkas street, Tiszavasvari, Hungary – 4440.
Managing Director, Sun Pharma Global Inc.
Indian
Jayesh Shah
Caraco Pharmaceutical Laboratories Limited,1150 Elijah McCoy Drive, Detroit, MI 48202, USA.
Director-Commercial, Caraco Pharmaceutical Laboratories Limited.
Indian
Katalin Szilágyi
4440 Tiszavasvári,
Kelp Ilona u. 3., Hungary
Director
Quality Assurance & Quality Control,
Alkaloida Chemical Company Exclusive Group Ltd.
Hungarian
Sudhir V. Valia
Acme Plaza, Andheri Kurla Road, Andheri (East), Mumbai 400 059, India.
Professional Company Directorships.
Indian
 
3           The Principal Occupation of each person is employment by Sun Pharma Global Inc.
 
 
Name of Executive Officers of
Reporting Persons
Principal Address4
Principal
Occupation5
Citizenship
Gyula Sotkó
Alkaloida Chemical Company Exclusive Group Ltd.
Purchasing & Logistics Manager. 
Hungarian
Katalin Szilágyi
Alkaloida Chemical Company Exclusive Group Ltd.
Director, Quality Assurance & Quality Control. 
Hungarian
Dr. József Simon
Alkaloida Chemical Company Exclusive Group Ltd.
Chief Legal Advisor. 
Hungarian
Zoltán Nagy
Alkaloida Chemical Company Exclusive Group Ltd.
Human Resources Manager. 
Hungarian
Tibor Horváth
4026 Debrecen, Hatvan u. 1/C.III/3. The Republic of Hungary.
Poppy System Manager. 
Hungarian
Zoltán László
Alkaloida Chemical Company Exclusive Group Ltd.
Technical Supply Manager. 
Hungarian
Ferenc Vicsai
Alkaloida Chemical Company Exclusive Group Ltd.
Controlling Manager. 
Hungarian
János Weninger
1213 Budapest, Szárcsa u. 6. The Republic of Hungary.
Export Manager. 
Hungarian
Tamás Udvari
1092 Budapest, Ráday u. 16. I/22. The Republic of Hungary.
Finance Manager. 
Hungarian
4           Unless otherwise indicated, the Principal Address of each person is the Principal Office of Alkaloida Chemical Company Exclusive Group Ltd., Kabay János u. 29, H-4440 Tiszavasari, The Republic of Hungary.

5           The Principal Occupation of each person is employment by Alkaloida Chemical Company Exclusive Group Ltd.
 

EXHIBIT INDEX
 
Exhibit No.
Description
99.15
Letter, dated May 28, 2008, from Barrie Levitt, M.D. to Dilip S. Shanghvi
99.16
Letter, dated May 29, 2008, from Dilip S. Shanghvi to Barrie Levitt, M.D.
 
 
 
 
 
 
 
 
 
 
 
 EX-99.15 2 ss38996_ex9915.htm
 
 
May 28, 2008

Dilip S. Shanghvi
Chairman and Managing Director
Sun Pharmaceutical Industries Limited
Acme Plaza Andheri Kurla Road Andheri (East)
Mumbai, 400059
India


Dear Dilip:

I write to advise you that our Board of Directors voted yesterday to terminate the Merger Agreement that our two companies signed one year ago. A formal notice of termination is being sent concurrently herewith, pursuant to the terms of the Merger Agreement, and a public announcement will also be made consistent with our disclosure obligations.

When we signed our Merger Agreement last year for the purchase of Taro at $7.75 per share, we were both surprised at the intensity of the objections raised publicly by Templeton and Brandes. But that is history. Continuing the $7.75 Merger Agreement in effect more than 12 months after it was signed no longer makes sense and has created operational constraints that are interfering with Taro’s ability to manage its business for the benefit of all stakeholders.

The Board appreciates your offer to increase the merger price to $10.25 and we have fully considered the views you expressed when you appeared before the Board on May 14th, as well as the written materials you provided for our review. However, as you know, our Board has unanimously determined that Sun’s $10.25 offer is financially inadequate, based on a number of factors, including Taro’s operational and financial turnaround, the future value that Taro expects to achieve from the changes made in its business model, the value in Taro’s new product pipeline and the advice received from Taro’s financial advisor, Merrill Lynch, that, based on Taro’s most recent projections, the $10.25 price was inadequate from a financial point of view. In addition, your offer was premised on deleting the 1/3 disinterested minority shareholder approval provision in the Merger Agreement, which is required by Israeli law and was described in detail in the merger proxy statement we sent out last summer. We simply could not agree to a proposal that was in conflict with Israeli law and that was financially inadequate.

Our Board has asked that I express to you our gratitude for the support that you have provided us in the past, which enabled us to return the Company to operational and financial health. As you know, in the last 12 months, Taro has experienced a dramatic return to profitability and has brought or is about to bring to market a significant number of new and promising products. These developments, and others, contributed to the Board's determination that the $10.25 price that Sun paid to acquire Brandes’ minority interest was, as Merrill Lynch has advised, an inadequate price for control of the entire company.

I regret that Sun refused our request to permit its financial advisors to meet with Taro’s financial advisors to discuss Taro's value and attempt to resolve our differences. We are prepared to engage in such discussions, should you change your view. Alternatively, since you apparently do not agree with the value we see in Taro’s future, we would be prepared to use our best efforts to attempt to arrange for the purchase of your shares by a third party at the same $10.25 per share price as your revised merger proposal.

Our Board is now committed, as it always has been in the past, to continue to do our best to build Taro and enhance its profitability for the benefit of all of the Company’s many constituents, including Sun. Should you have any questions concerning the Board's position, I invite you to contract me directly at your earliest convenience.

Sincerely,

/s/

Barrie Levitt, M.D.
Chairman of the Board
 
 
EX-99.16 3 ss38996_ex9916.htm
   
   
17/B, Mahal Industrial Estate,
Mahakali Caves Road,
Andheri (East), Mumbai 400 093 India
Tel.: (91-22) 6645 5645
Fax.: (91-22) 6645 5685
 
May 29, 2008

Barrie Levitt, M.D.
Chairman of the Board of Directors
Taro Pharmaceutical Industries Ltd.
14 Hakitor Street
Haifa Bay 26110, Israel

 
Taro Pharmaceutical Industries Ltd.
Italy House, Euro Park
Yakum 60972, Israel
 
Dear Barrie:
 
I received your letter dated May 28, 2008, as well as the letter of the same date from Taro Pharmaceutical Industries Ltd. (“Taro”) notifying our affiliates, Alkaloida Chemical Company Exclusive Group Ltd. and Aditya Acquisition Company Ltd., that Taro has purported to terminate the Agreement of Merger, dated as of May 18, 2007 (the “Merger Agreement”), among Taro, Alkaloida Chemical Company Exclusive Group Ltd. and Aditya Acquisition Company Ltd. pursuant to Section 8.1(b) thereof.
 
First of all let me state that Taro is not entitled to terminate the merger under the Merger Agreement.  I am very disappointed that you have chosen to take this public step without engaging in any meaningful discussions with Sun Pharmaceutical Industries Ltd. and/or its associates (“Sun”).  During my meeting with Taro’s Board on May 14th, arranged specifically to discuss the merger, you prevented the directors from engaging in any meaningful discussion with me, asking them to remain in “listen-only” mode during the course of the meeting.
 
Without Sun’s equity contributions totaling approximately $60 million, Taro would be unable to boast of survival, much less a purported financial and operational “turnaround.”  Without our investment, Taro would not have been able to meet the bond payment due within days of our first investment.    Further, the only reason Taro has been able to keep its lenders at bay is with Sun’s contractual commitments to repay all disclosed indebtedness as part of the merger transactions.  In fact, Taro continues to generate very little free cash flow.  Taro’s press release yesterday noted that Taro has only $47 million in cash as of March 31, 2008.  This means that, if not for Sun’s cash injections last year of about $60 million, Taro would have virtually negative cash - hardly the “dramatic” improvement of which Taro has boasted.
 
Sun invested in Taro, at the request of the Taro Board.  The Merger Transaction between Sun and Taro followed a thorough auction process conducted by Taro, was fully negotiated, and Taro’s Board of Directors concluded that it represented the best alternative available to Taro and its shareholders.   Even after Sun agreed to release Taro from its non-solicitation obligations under the Merger Agreement, not one buyer has stepped forward with a competing offer.
 
 
While Sun has made every effort to fulfill its obligations under the Merger Agreement, Taro has failed to honor its side of the bargain and take all necessary action to consummate the merger, including, among other things, to hold shareholders’ meetings to approve the merger in a timely manner.  Instead of engaging in discussions with us to resolve this impasse, Taro has ignored our attempts to discuss and put forward to Taro’s shareholders an increase in the merger consideration in order to complete the transaction.  Instead of providing shareholders with an accurate description of its dealings with Sun and giving them the opportunity to vote on the transaction, Taro has chosen to mischaracterize a number of matters leading up to its unilateral termination of the Merger Agreement, including:
 
 
·
Sun has not made an offer to purchase Taro at $10.25 per share.  We reached out to the Taro Board with a proposal to recommend to Sun’s Board of Directors a potential merger at $10.25 per share.  We took this step in order to engage in a meaningful discussion with the Taro Board in order to consummate the transaction negotiated and agreed to, way back in May 2007.  Any offer at $10.25 per share was subject to the approval of Sun’s Board.
 
 
·
You have chosen to describe our purchase in February this year of Taro shares at $10.25 per share from Brandes Investment Partners, L.P. (“Brandes”) as a “minority interest” purchase.  This is completely contrary to your position at the time.  Brandes’ shares were sold in a blind auction.  You encouraged Sun to bid aggressively in the auction on the basis that Brandes’ shares represented a “control block” or, in other words, a “swing vote” in the shareholders’ meetings to approve the merger.
 
 
·
We only recently refused your request to permit our financial advisers to meet with Taro’s financial advisors because it was clear to us that Taro had no intention of engaging in a meaningful discussion about an appropriate increase in the merger consideration.  I personally reorganized my schedule at short notice to meet with the Taro Board in New York on May 14th and, at the meeting, Board members were prohibited from asking questions or engaging in any discussion.
 
 
·
I find surprising the claim in your press release that “Taro’s efforts over several months to negotiate a revised merger agreement…had been rejected by Sun”.  Sun first proposed recommending to its Board an increase in the merger consideration on the weekend immediately following its acquisition of the Brandes’ stake and thereafter sent you a draft revised merger agreement.  Only after an extended period of foot dragging, did you finally respond with a request that we increase our price, but you never made a specific counter-proposal.  In fact, the closest we ever came to engaging in a substantive discussion on price and the other terms of our proposal was at the Taro Board meeting on May 14th at which I made a presentation but you prevented the directors in engaging in any meaningful discussion with me, asking them to remain in listen only mode during my meeting.
 
 
·
Our proposal to increase the merger consideration to $10.25 per share was not conditioned on removing the one-third disinterested minority vote requirement under Israeli law.  You may recall that your own proxy statement, which you refer to in your letter to me, specifically states that Taro only included the one-third disinterested vote requirement “out of an excess of caution.”  Based on your disclosure, our advisers had discussed in the past whether such a vote was actually necessary, but we had not reached any substantive agreement with you on this point. As a matter of fact one of your own legal advisors had suggested that at right price Taro would be prepared to remove it as a condition to merger. If instead of prohibiting your directors from discussions with me, you had in fact enquired as to our position on the one-third disinterested minority vote at the Board meeting on May 14th, you would have learned that our $10.25 proposal was not conditioned on its removal.
 
 
 
 
·
Your claim that several third parties have expressed interest in pursuing alternative transactions with Taro and that the existence of the Merger Agreement and the lack of audited financial statements have inhibited discussions with third parties is misleading.  Sun agreed to remove the non-solicitation provision from the Merger Agreement almost 10 months ago.  Since that time, to our knowledge, no credible offers for the entire company have surfaced and we note in this regard that Taro is required to advise Sun of any and all indications of interest that Taro receives.  We also note that in those 10 months, Taro has still not produced audited financials for 2006 and 2007 and there is still no indication from Taro as to when it will do so.  Not only does Taro continue to be in breach of its reporting requirements, but any “impediment” this may have imposed to obtaining a superior offer is purely of Taro’s own creation.  Again, we note that Sun has consistently been willing to complete the merger without audited financial statements, a highly unusual concession rarely made by a buyer in a corporate acquisition.
 
In light of Taro’s actions, Sun will now consider all of its options, including without limitation commencing legal proceedings as to Taro’s right to terminate the Merger Agreement.  In addition, if we elect to exercise our rights under the Option Letter Agreement, rest assured that we will comply with the terms thereof and all applicable laws.  This letter should not be treated as a complete statement of all our claims, rights and positions, all of which are hereby expressly reserved.
 
As Taro’s largest shareholder, we welcome the commitment of the Taro Board to build Taro and enhance its profitability for all of the company’s constituents.  Notwithstanding the options discussed above, we continue to believe that a merger with Sun at $10.25 per share that we have offered to recommend to Sun’s board is in the best interests of all Taro shareholders.  I remain available to discuss a negotiated transaction with you at any time.
 
 
 
Very truly yours,




Dilip S. Shanghvi
Chairman & Managing Director
 
 
 
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