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Biotech / Medical : LCI - Lannett Company, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (49)	7/6/2007 10:57:35 PM
From: richardred	Respond to of 81

Follow up Brandes Opposes Sun and Taro Pharmaceutical Merger Proposal Friday July 6, 8:19 pm ET SAN DIEGO, July 6 /PRNewswire/ -- Brandes Investment Partners, L.P. ("Brandes") is an SEC-registered investment adviser headquartered in San Diego, California. Brandes managed $125 billion on behalf of institutional and individual investors, as of June 30, 2007. Brandes has acquired for and on behalf of its clients approximately 10.8% of the shares outstanding for Taro Pharmaceuticals Inc. ("Taro") based on 36.5 million shares outstanding in the notice to shareholders dated June 8, 2007. We have reviewed the terms of the proposed merger and the transactions contemplated by the Merger Agreement dated May 18, 2007 between Taro and subsidiaries of Sun Pharmaceutical Industries Ltd. ("Sun") detailed in the notice to shareholders dated June 8, 2007. Brandes intends to vote against the merger proposal at the shareholders meeting to be held on July 23, 2007 as we believe that the price offered by Sun for Taro shares is too low, the transactions contemplated by the merger are significantly dilutive, and the merger proposal is not in the best interest of shareholders. We also believe that other alternatives exist, including the potential for a shareholder supported rights offering that may be superior. Furthermore, we are aware of the petitions and motions submitted to the Tel Aviv District Court on behalf of Franklin Advisors, Inc. and Templeton Asset Management Ltd. and endorse their legal efforts for the Opening Motion for the removal of oppression of the minority shareholders (civil case 585/07) and the Opening Motion to declare the private allotment of shares to Sun (civil case 718/07) null and void. We also support the request to appoint a special temporary administrator for Taro (miscellaneous request 10177/07). Source: Brandes Investment Partners, L.P. biz.yahoo.com