Bentley announces cash purchase price adjustment

Jul 04, 2008 (Datamonitor via COMTEX) -- BNT | Quote | Chart | News | PowerRating -- Bentley Pharmaceuticals has announced that the aggregate cash purchase price for its acquisition by Teva Pharmaceutical Industries has been adjusted in accordance with the merger agreement after completion of the previously announced taxable spin-off of its drug delivery business, Cpex Pharmaceuticals.

Bentley stockholders will receive from Teva a final per-share purchase price of approximately $14.82 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.

The decrease in the purchase price reflects the purchase price adjustments set forth in the merger agreement - an aggregate reduction, in the amount of $252,168 (approximately $0.01 per share) to compensate Teva for tax liabilities that Bentley incurred from the distribution of the common stock of Cpex to Bentley's stockholders in the spin-off on June 30, 2008, as calculated based upon specified thresholds set forth in the merger agreement, and a reduction to account for the equitable adjustment to the exercise price and number of Bentley options and restricted stock units that was made in connection with the spin-off of Cpex.

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