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Teva lowers offer for Bentley after spinoff

By Associated Press
July 3, 2008 | Comments (0)

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Bentley Pharmaceuticals Inc. said Thursday shareholders will receive a slightly lower price from purchaser Teva Pharmaceutical Industries Ltd. now that Bentley has spun off its drug delivery business, CPEX Pharmaceuticals.

Israel-based Teva agreed to buy Bentley for about $15.02 per share cash, or about $360 million, in March to boost its generic drug operations in Spain.

It is now offering about $14.82 per share cash for Bentley.

Shareholders are scheduled to vote on the agreement at a special meeting on July 22.

Bentley shares closed Thursday's abbreviated trading session down 3 cents at $14.75.

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