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Strategies & Market Trends : Speculating in Takeover Targets -- Ignore unavailable to you. Want to Upgrade?

To: richardred who wrote (773)	7/25/2005 9:34:04 AM
From: richardred	Respond to of 7243

Teva goes after IVAX! Who's next! Teva Pharmaceutical to Buy Ivax for $7.4B Monday July 25, 8:53 am ET Teva Pharmaceutical to Buy Rival Ivax in $7.4 Billion Cash, Stock Deal NEW YORK (AP) -- Generic drug maker Teva Pharmaceutical Industries Ltd. said Monday it is acquiring rival Ivax Corp. in a cash-and-stock deal worth about $7.4 billion. Under the definitive agreement, Israel-based Teva will pay either 0.8471 of an American Depositary Share or $26 in cash for each share of Miami-based Ivax stock. The price is about a 14 percent premium to Ivax's closing price of $22.88 on Friday. In premarket activity, Ivax shares jumped $2.52, or 11 percent, to $25.40, while Teva shares slipped 31 cents to $30.85. Earlier Monday, Teva issued a news release confirming market rumors that it was in talks for a "possible transaction" with Ivax, but said there was no assurance an agreement would be reached. Teva is planning to fund the acquisition with both available cash on hand and its committed credit facilities. Directors at both Teva and Ivax have approved the transaction, Teva said. After its acquisition, Ivax will become a subsidiary of Teva. Ivax shareholders will own about 15 percent of the combined company, Ivax said. biz.yahoo.com