Teva Tops Valeant With $6.8B Cephalon Buy

Law360, New York (May 2, 2011, 12:10 PM EDT) -- Teva Pharmaceutical Industries Ltd. swooped in to buy Cephalon Inc. on Monday in a $6.8 billion deal that blew the doors off a previously rejected $5.7 billion bid by Valeant Pharmaceuticals International Inc.

Israel-based Teva's $81.50 per share offer had the approval of Cephalon's board, which in April unanimously rejected Valeant's unsolicited $73-per-share takeover offer. Given that both companies' brass were on board with the newly announced deal, any counteroffer from Cephalon likely would have to beat Teva's price by a wide margin to entice profit-hungry shareholders....
To view the full article, register now.