Teva Announces Final Results of Merger Consideration in Connection With Ivax Acquisition
Teva Pharmaceutical Industries Ltd. announced the final results of the elections made by the shareholders of Ivax Corporation for the form of merger consideration to be received in Teva's acquisition of Ivax, which closed on January 26, 2006.
Pursuant to the merger agreement between the parties, Ivax shareholders had the right to elect to receive for each Ivax share they owned either 0.8471 Teva ADRs or $26.00 in cash, subject to proration. Based on the final results of the elections, the merger consideration to be paid to Ivax shareholders is:
Stock Elections: Ivax shareholders who validly elected to receive all stock will receive 0.8471 Teva ADRs for 51.90922% of their shares of Ivax common stock and $26.00 in cash for approximately 48.09078% of their shares of Ivax common stock.
Cash Elections: Ivax shareholders who validly elected to receive all cash will receive $26.00 in cash for each share of Ivax common stock for which such election was made.
Non-Elections: Ivax shareholders who did not make a valid election will receive $26.00 in cash for each share of Ivax common stock.
Pursuant to the merger agreement, fractional ADRs will not be issued. In lieu thereof, Ivax shareholders will receive cash.
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