Bentley Pharmaceuticals Inc to be acquired by Teva Pharmaceutical Industries Ltd

Jul 04, 2008 (M2 EQUITYBITES via COMTEX) -- TEVA | Quote | Chart | News | PowerRating -- Bentley Pharmaceuticals Inc (NYSE: BNT), a specialty pharmaceutical company, declared on 3 July that the company will close its merger agreement with Teva Pharmaceutical Industries Ltd for an aggregate cash purchase price of USD14.82 per share, after completion of the previous taxable spin-off of Bentley's drug delivery business, CPEX Pharmaceuticals Inc (NASDAQ: CPEX).

Bentley stockholders will reportedly receive from Teva a final per-share purchase price of approximately USD14.82 in cash in exchange for their Bentley common stock if the merger agreement is approved by Bentley's stockholders and the other closing conditions are satisfied or waived in accordance with the merger agreement.

In addition, Bentley Pharmaceuticals Inc will hold a special meeting of stockholders to vote on the merger on 22 July 2008.

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