Israel-Medical-Healthcare

[genisi]

Taro and Templeton continue to spar

http://www.globes.co.il/serveen/globes/docview.asp?did=1000234122&fid=942

Judge Nurit Ahituv: The case is a "hot potato passing between the judges.”
Gitit Pincas 19 Jul 07 19:09
A decision by Tel Aviv District Court Judge Nurit Ahituv may determine whether the Taro Pharmaceutical Industries Ltd. (Pink Sheets: TAROF.PK) general shareholders meeting, scheduled for Monday, will go ahead as planned. Ahituv today heard the petition for an injunction against the meeting filed by Franklin Templeton Resources Inc. (NYSE:BEN), but said, “I hope to give a decision by Monday. I hope I’ll have enough time.”

Judge Ahituv gave no commitment to have a decision by the time the Taro shareholders meeting takes place. She noted that the case “is a hot potato passing between the judges.”

All the parties at the hearing made claims: Templeton, Taro, and India’s Sun Pharmaceuticals Industries Ltd. (BSE: 524715), which is seeking to acquire Taro. The main argument was made by Templeton, which said, “We’ve reached the last minute of uncertainty. The public doesn’t know what will happen. Taro has put the gun on the table and declared that it will collapse if it isn't sold. It’s like Russian roulette, only they know if there’s a bullet or not, but they want the shareholders to play with them.”

Templeton is also demanding that Taro publish its unaudited financial reports for 2006 and the first quarter of 2007. “It’s unacceptable that the shareholders have to make a decision, while information is being concealed from them and they are being told, ‘Trust us, and vote in favor.’ If that is the case, why isn't Taro publishing its financial reports for 2006 and the first quarter of 2007, which it has and which it showed to 20 potential buyers who signed confidentiality agreements? Taro’s answer is, ‘They’re worthless. There are four pages of numbers and one page of text, which we already published when we summoned the shareholders meeting’.”