Teva reduces price of its offer for Bentley
Israel's Teva Pharmaceutical Industries, which made a bid to acquire US generic drug major Bentley Pharmaceuticals earlier this year (Marketletter April 7), has reduced the price of its original cash offer of $15.02 per share (or around $360.0 million in total) to $14.82.
The reduction is in respect of the US firm's value following the taxable spin-off of its drug delivery business, CPEX Pharmaceuticals, leaving it with only its generics business. A meeting of stockholders has been convened for July 22 to vote on the revized terms.
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