This means there is huge potential to SELL Taro's 200 products in India and ROW.
Valeant has already lined up some products to sell and is in talks with third parties due to anti-trust if vrx-allergan transaction goes through. CAN TARO PUTS ITS CASH TO GOOD USE AND BUY SOME OF THESE VRX PRODUCTS?
every company is pursuing inorganic growth aggressively including . Taro has had cash balance of $500m with hardly any acquisition . why? is taro a Bank ?
Write to Senators to protect shareholders- investorsunitedotorg under take action
1. Aug 2012 was an unfair deal for shareholders
2. and any reform process has to get shareholder approval. Shareholders voice cannot be ignored.
it is under take action of investorsunitedotorg . you can send emails to president obama, local senator on fannie mae.
" Still, total Raj's compensantion was roughly around $25.2m in 2011, $10.1m in 2012 and $5.6m in 2013, all concepts included, nice decrease! I bet he thinks that he doesn't know what else we want! Anyway, I hope that this year, management compensation gets rejected again. Apparently it is based on a peer group of companies, with market cap $500m to $3b... and they want to have compensation packages in the TOP RANGE of those! Outrageous."
why the F are they considering market cap. Did they consider EARNINGS? PROFITABILITY?
it is OUTRAGEOUS TO LOOT Shareholders equity. Hope you agree ?
Sun continues to make huge acquisitions: DUSA, URL, Ranbaxy. Sun is leveraging the nice boost it gets from Taro's cash showing up on Sun's balance sheet that aids in these acquisitions. Why doesn't Taro start making acquistions? Peers Actavis, Perrigo, Mylan have been acquiring left and right in the last 3 years.
Your DUTY is to listen to shareholders and do the ethical thing . Shareholders have been asking for these that will immediately take taro to $200 per share
- Start selling Taro's 180 products in ROW markets. Everyone is aware of huge untapped potential here
- Acquire assets in the market with $650-700m in cash
- Start conducting Earnings call. Many shareholders are asking this for 3 years
- Present Taro's story to mutual funds in Investment Conferences. Peers go to 6 investment conferences
- Get coverage from Analysts. Peers are covered by 8-10 analyst firms to Taro's zero.
- Give representation to true minority-Bluemountain
Makov statement is puzzling. he said: "Defending Sun’s action, Sun Pharma Chairman Israel Makov told Business Line: “This investment was made by the subsidiary before we entered any meaningful negotiation with Daiichi, before Daiichi had agreed to sell …before we (had) seen any confidential information … so how can it be insider trading.”'
Here is my question:
The fact that a company A was going to START talks with company B for a strategic txn....shouldn't it immediately close the window for Company A or Company B to trade in each other's publicly listed shares (thru whatever subsidiaries) ???
Nobody in market knew talks were initiated bw Company A and Company B except the 2 companies. How can company A or B trade on each others stock?
Clarification on Silverstreet Investment in Ranbaxy
Mumbai, April 09, 2014: Sun Pharmaceutical Industries Ltd. (Reuters: SUN.BO, Bloomberg: SUNP IN,
NSE: SUNPHARMA, BSE: 524715) is issuing this clarification in response to various reports on the above
At Sun Pharma we hold ourselves to the highest standards of corporate governance and business ethics.
Our Code of Conduct serves as a compass that guides the actions of our employees and directors
ensuring consistent and uncompromising integrity as we build trusted relationships around the world.
The matter highlighted above related to purchase of shares of Ranbaxy Laboratories Ltd. by Silverstreet
Developers LLP and it does not violate Insider Trading Rules.
• Mr. Sudhir Valia is not and was not a partner of Silverstreet Developers LLP when purchase of
shares of Ranbaxy Laboratories Ltd was affected by LLP.
• Silverstreet Developers LLP has two partners. Both are 100% subsidiaries of Sun Pharma. Hence,
all the benefits flowing from the investment in Ranbaxy shall accrue to Sun Pharma
"Defending Sun’s action, Sun Pharma Chairman Israel Makov told Business Line: “This investment was made by the subsidiary before we entered any meaningful negotiation with Daiichi, before Daiichi had agreed to sell …before we (had) seen any confidential information … so how can it be insider trading.”'
here is a question??
The fact that a company A was going to START talks with company B for a strategic txn....shouldn't it immediately close the window for Company A or Company B to trade in each other's publicly listed shares (thru whatever subsidiaries) ?
2nd para doesnt make sense to me.
The Securities and Exchange Board of India (Sebi) is checking data relating to trades in Ranbaxy before Sun Pharma announced on Monday it was acquiring the Daiichi Sankyo-owned firm in an all-stock transaction, reports Jash Kriplani in Mumbai. “There is no formal investigation; we are making preliminary enquiries,” a senior Sebi official said. Meanwhile, Sun Pharma on Wednesday refuted speculation regarding insider trading against its wholly-owned arm Silverstreet Developers in the $4-billion deal to acquire Ranbaxy Laboratories. Ranbaxy’s average trading volumes over the last two weeks on the NSE stood at 51.73 lakh shares against the one-month average of 36.39 lakh shares.
The counter's volumes rose to 1.05 crore shares on Wednesday last week from a mere 15 lakh a day earlier. Thursday saw 82 lakh shares changing hands while Friday saw the highest volumes in two months, with 1.24 crore shares traded on the NSE. The Ranbaxy scrip has gained more than 25% in the last two weeks.
Sun Pharma said: “Sudhir Valia is not and was not a partner of Silverstreet Developers LLP when purchase of shares of Ranbaxy Laboratories Ltd was affected by LLP.” Explaining how it has not violated insider trading rules, Sun further said: “Silverstreet Developers LLP has two partners. Both are 100% subsidiaries of Sun Pharma; hence, all the benefits flowing from the investment in Ranbaxy shall accrue to Sun Pharma.”
Silverstreet had increased its holding in Ranbaxy by 10 lakh shares in March quarter. Valia is the brother-in-law of Sun Pharma's managing director Dilip Shanghvi. On a conference call on Monday, Sun Pharma management clarified that Silverstreet’s shares in Ranbaxy will be ‘cancelled’. According to filings made by Silverstreet to the ministry of corporate affairs, Valia and his wife were partners in Silverstreet in 2011 but both of them tendered their resignation on October 9, 2013.
I personally would NOT like to sell Taro forever unless it at substantial premium to market ev/ebitda multiple. Right now taro's "market" price is bs for various reasons we all are aware.
Taro is a fantastic and a unique asset. There are very few players in this world that can replicate what taro is. Lets hope there are no more "offers".
Assume an offer of exchange of share is done at the same EBITDA multiple, i dont think it is a good idea to exchange taro share for the overall sun
IMO....considering taro has greater% of low competition assets in its portfolio.
Technically, if they wanted to they could do an exchange of Taro share to SUN share....and have the exchanged SUN share trade as ADR in the US.... But I wouldn't want to exchange taro share for sun share even if they value taro at 18-20 times ebitda for the reason I mentioned above.
Was listening to the conf call of Sun-Ranbaxy merger. The presentation says, the merger makes SUN Number 3 in Branded Dermatology sales in the USA, with Coverage across Actinic keratosis, Anti-fungals, Acne, etc
so are there any implications for Taro shareholders, IF ANY.
1) Is the plan to sell Ranbaxy derma current and future products through Taro?
If YES, I believe this would materially increase Taro's sales and earnings(and requires sec filing?), if Sun were to piggyback on Taro's sales/marketing/distribution channels and stick Taro's solid brand in USA to sell Ranbaxy Derma products ?
I understand taro has sales agreement for some branded products with Glenmark.
2) Also, Ranbaxy sells products in 100's of countries in ROW. In the SUN-Ranbaxy call it was mentioned that SUN now plans to sell its products now in the ROW markets. Is the plan to now leverage Taro's 180 products and sell in the ROW markets that Ranbaxy already sells ?
Absorica and few other derma products may be better pushed by Sun given its higher derma strength through Taro. We believe Sun may see opportunity milk some brands that Ranbaxy has been selling in US market.
maybe good for taro?
$4b is super cheap for the amount of drugs ranbaxy makes and the markets it is in.
yes they have quality troubles but they can be set right.