1 Tidbit has been inadvertently left in the last friday filing
While they tout the 2 directors and their contribution towards share price of $65, what seems to be "inadvertently" omitted is these 2 directors recommended us to vote in favor of $39.5 offer on 10/05/2012.
It would have been fair and balanced if they had indicated this little nugget of information.
Where is Accountability in your ISS presentation/recommendation of these incumbent external directors ??
Was this stock price at $65 a surprise ? Not at all. In our opinion, these directors FAILED to perform their duty towards ALL shareholders when they recommended $39.5 on 10/05/2012 stating this is the best option for shareholders. They already knew for the 1st 6 months the estimates were way off...yet those estimates and low multiple was used to justify the offer.
Even at today's $65 Valuation multiples taro is still very cheap compared to peers.
Can you please embrace all shareholders as your own ? Or pay fair valuation multiples (15-20 times EBITDA). Look at Agila Specialties which was sold for 18.6 times EBITDA not contingent payments. The dermatology generic sector is an oligopoly for a long time due to fundamental reasons that is publicly known. It clearly deserves comparable multiple.
Please embrace minority shareholders as your own and withdraw your incumbent directors. They have FAILED to perform their duty towards ALL shareholders in our opinion.
Please act in GOOD FAITH. It is a request from one shareholder.
These two directors are re-nominated for exactly two reasons:
1. their ability not to act in good faith. 2. As a reward for not acting in good faith
Why waist words by asking them to act in good faith?