Monday, July 7, 2008

Bentley buyout deal reduced by Teva after spinout

By Mass High Tech Staff

Bentley Pharmaceuticals Inc., an Exeter, N.H., maker of generic drugs, reports that the price Teva Pharmaceutical Industries Ltd. will pay to acquire Bentley has been adjusted to account for tax costs related to the spin-out of Bentley’s drug delivery business.

Teva, an Israel-based generic drug giant, has agreed to pay $14.82 per share for Bentley (NYSE: BNT) common stock, reflecting a reduction of $252,000 to compensate Teva for Bentley’s tax bill from the June 30 spin-out of CPEX Pharmaceuticals Inc. (Nasdaq: CPEX), as well as a reduction in the number of Bentley stock units following the CPEX spinout.

Bentley has scheduled a July 22 stockholders meeting where its investors are expected to vote on the merger.

The merger agreement, originally announced March 31, included a purchase price of $15.02 per share of Bentley common stock for a total acquisition price of $360 million. The deal would make Teva a leading supplier of generic drugs in Spain.

With 470 workers worldwide, Bentley reported 2007 net income of $2.7 million on revenue of $124.7 million.