Yesterday, Teva Pharmaceutical Industries announced that it will be acquiring IVAX for about $7.4 billion. In the transaction, IVAX shares will be converted to either $26 in cash or 0.8471 TEVA ADRs. After the transaction is completed, IVAX shareholders are expected to own about 15% of TEVA on a fully-diluted basis. The boards of directors of both companies have given their approval.
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