Barr shares closed at $64.58 on Friday, below the offer price if the deal is closed at its current terms.
Shareholders of Barr Pharmaceuticals Inc. (NYSE: BRL) on Friday overwhelmingly approved the company's acquisition by Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA).
Barr chairman and CEO Bruce L. Downey said, "Today's vote demonstrated the overwhelming support of the transaction by the Barr shareholders. We are pleased with the progress that we continue to make towards completion of the acquisition of Barr by Teva, and we and Teva continue to anticipate completing this transaction prior to the end of the year and combining our two strong organizations.
US-based Barr operates in 30 countries worldwide. Its share closed at $64.58 on Friday, below the offer price if the deal is closed at its current terms. In July, Teva agreed to buy the company at $66.50 per share in cash and shares, for a total of $7.46 billion.
Teva closed at $41.91 on Friday. The share fell 2% by midday on the TASE today to NIS 164.70.