The cut follows Bentley's spin-off of CPEX Pharmaceuticals.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has adjusted the purchase price for Bentley Pharmaceuticals Inc. (NYSE: BNT) following the latter's spin-off CPEX Pharmaceuticals Inc. (Nasdaq: CPEX), its drug delivery business, in accordance with the merger agreement. Teva will pay $14.82 per share in cash for Bentley.
The original price for the deal was set at $15.02 per share for Bentley, reflecting a market cap of $360 million. Bentley closed at $14.75 on Thursday, after a drop of 0.2%. Teva rose 0.7% on Nasdaq on Thursday to close at $47.20.
Bentley has called a special meeting of stockholders to vote on the merger for July 22, 2008.
Published by Globes [online], Israel business news - www.globes-online.com - on July 6, 2008
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