The heirs of a long-time Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) investor and director who died in 2008 are looking to sell part of the stake.
Harold Snyder served as a director for 13 years, after Teva acquired Biocraft Laboratories Inc., which he founded 45 years ago. He was 86 at his death, and bequeathed his heirs a large holding in Teva.
A few months after Snyder's death, it became apparent that his family were continuing his tradition of selling Teva shares, although in larger quantities than he did. In a statement filed with the US Securities and Exchange Commission (SEC) yesterday, Teva stated that the Beatrice Snyder Marital Trust, named for Harold Snyder's first wife, filed a request to sell $45.5 million worth of Teva shares.
Teva has a market cap of $40 billion, and the trust sold the shares a few days before Teva peaked at $46.42. Teva's share price rose 1.4% in early trading on Nasdaq to $45.33.
Harold and Beatrice Snyder founded Biocraft, with Beatrice responsible for the company's finances and development of the company's inventory system. Beatrice died 11 years ago, after which Harold remarried. He left three children and six grandchildren.
Teva acquired Biocraft 13 years ago for $289 million in stock. According to Teva's latest annual statement, Snyder owned 9.14 million shares, amounting to 1% of the company's share capital.
Published by Globes [online], Israel business news - www.globes-online.com - on April 16, 2009
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