Notable Mergers and Acquisitions of the Day 7/23 (CSCO, BNT/TEVA, PHLY)

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July 23, 2008 10:00 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

Cisco (Nasdaq: CSCO) announced its intent to purchase privately held Pure Networks, a Seattle-based leader in home networking-management software and tools, for $120 million.
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.
Tokio Marine Holdings, Inc. and Philadelphia Consolidated Holding Corp. (Nasdaq: PHLY) entered into a definitive agreement under which TMHD will acquire all outstanding shares of Philadelphia Consolidated for $61.50 per share in cash.

The total transaction value is approximately U.S. $4.7 billion. The transaction is expected to close in the fourth quarter of 2008.

Shares of Philadelphia Consolidated closed at $35.55 yesterday.