JERUSALEM & MIAMI--(BUSINESS WIRE)--Dec. 19, 2005--Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA) and IVAX Corporation (AMEX:IVX) (LSE:IVX.L) (WSE:IVX) issued the following statement regarding election procedures for holders of IVAX’ outstanding convertible notes, in connection with Teva’s pending acquisition of IVAX: As previously announced, Teva and IVAX will permit holders of IVAX convertible notes who have not previously converted their notes to submit an election, upon conversion of the notes before the merger, with respect to the as yet undetermined amount of IVAX shares of common stock they would receive upon conversion, whether to receive their merger consideration in cash or Teva ADRs, subject to proration, in accordance with the terms of the merger agreement between the parties. Any such election instructions (referred to as “convert and tender” instructions) may be submitted by The Depository Trust Company (“DTC”) participants though DTC’s Automated Tender Offer Program (“ATOP”). Holders should contact their brokers for further instructions. Holders retain the option of not making an election and receiving IVAX common stock (or, if applicable, the merger consideration payable to non-electing shareholders) in accordance with the normal conversion procedures.
