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Since January, Teva has made three acquisitions for an aggregate total of nearly $10 billion. For these acquisitions, like their predecessors, Teva hired Lehman Brothers as its financial advisors. The company and the investment bank's relationship is of long standing.
In an interview with "Globes" 18 months ago, Lehman Brothers vice chairman Harvey Kruger, who was responsible for the establishment of the bank's Israeli branch, talked about Teva's IPO. "Teva raised $33 million, a third from institutional investors making their first equity investment in Israel. That was a normal offering, and it was new for everyone. We sold $11 million worth of shares to institutional investors, an amount that is today peanuts, and I was never prouder."
"Globes": Lehman Brothers advised you on the Barr Pharmaceuticals Inc. (NYSE: BRL), which has not yet been completed. Could the closing be delayed?
Desheh: "No. There's no restriction on the Barr takeover. Lehman advised us as our investment bank, and the deal is not at a stage where it will have a business effect. There's no component in the Barr deal now that can be affected by the current situation. We didn't take interim financing for the deal from Lehman Brothers, not because of prescience, but because we felt we found a better deal."
Bank Hapoalim (TASE: POLI; LSE:80OA) and Bank Leumi (TASE: LUMI) provided Teva with the necessary interim financing for the Barr acquisition.
Lehman Brothers has advised Teva on its bond issues. Anyone who is worried that the bank's bankruptcy will affect future bond issues by Teva can relax. Desheh says that there are plenty of banks ready to jump at the chance to take over Lehman Brothers' role. "We were, and are, in contact with a lot of banks. There are more banks offering us their help now than we need, and we're pleased about it."
In addition to advising Teva on its Barr acquisition, Lehman Brothers is also the advisor on this year's second largest acquisition by an Israeli company -- the takeover of Photon Dynamics Inc. (Nasdaq: PHTN) by Orbotech Ltd. (Nasdaq: ORBK) for $290 million in cash. This deal is pending closing. As with the Teva deal, Lehman Brothers is not providing the financing, which is coming from Israeli banks.
Lehman Brothers was also the advisor in one of the largest takeovers of an Israeli company by another one the acquisition of -- Actimize by NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE), which was closed last September. Bank of America Corporation (NYSE: BAC) financed the $280 million deal.
To see more of the Globes or to subscribe to the newspaper, go to http://www.globes.co.il. Copyright (c) 2008, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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