Cephalon, Inc. (CEPH)

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7:02AM Cephalon to be acquired by Teva (TEVA) for $81.50 per share in cash (CEPH) 77.02 : Teva Pharmaceutical Industries (TEVA) and CEPH announced that their Boards of Directors have unanimously approved a definitive agreement under which Teva will acquire all of the outstanding shares of Cephalon for $81.50 per share in cash, or a total enterprise value of approximately $6.8 billion. The transaction is not conditioned on financing and is expected to be completed in the third quarter of 2011. The transaction is expected to be immediately accretive to Teva's non-GAAP earnings per share and accretive to Teva's GAAP earnings within the fourth quarter of closing. The transaction has no financing condition. Teva intends to finance the transaction through cash on hand, lines of credit and the public debt market.