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Biotech / Medical : IVX: IVAX Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (76)	3/1/2006 12:53:38 PM
From: Jim Oravetz	Read Replies (1) \| Respond to of 78

Teva Announces Final Results of Merger Consideration in Connection with Ivax Acquisition JERUSALEM--(BUSINESS WIRE)--Feb. 1, 2006-- Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA) announced today 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, or effectively on a per share basis: 0.4397 Teva ADRs and $12.50 for each share of Ivax common stock for which such election was made; -- 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; and -- 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. Share exchange instructions and a letter of transmittal will be mailed to non-electing Ivax shareholders shortly. Ivax shareholders who made an effective stock or cash election do not need to do anything further in order to receive their merger consideration. Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Close to 90% of Teva's sales are in North America and Europe.