Bentley (BNT) Shareholders Approve Merger with TEVA Pharma (TEVA)

July 22, 2008 5:17 PM EDT

Bentley Pharmaceuticals, Inc. (NYSE: BNT) stockholders have approved the Agreement and Plan of Merger, dated as of March 31, 2008, by and among the Company, Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) and Beryllium Merger Corporation and the acquisition of Bentley by Teva was completed. Pursuant to the terms of the Merger Agreement, Bentley became a wholly owned subsidiary of Teva, ceased to be publicly traded and accordingly its common stock will no longer be listed on the New York Stock Exchange. Each outstanding share of the Company's common stock was converted into the right to receive a portion of the aggregate merger consideration, or approximately $14.82 per share. The aggregate merger consideration paid by Teva was approximately $359.7 million.

Of the 22,727,434 issued and outstanding Bentley common shares as of the record date, 15,599,131 shares, representing 68.6% of the shares entitled to vote on the merger proposal, voted at the special meeting. 15,530,418 shares, or approximately 68.3%, voted in favor of the acquisition.[SM]

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