Brower Piven Announces an Investigation of the Acquisition of Cephalon, Inc. by Teva Pharmaceutical Industries Ltd.

The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Cephalon, Inc. (“Cephalon”) (NASDAQ:CEPH) and other violations of state law by the board of directors of Cephalon relating to the proposed acquisition of the company by Teva Pharmaceutical Industries Ltd. (“Teva”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.

On May 2, 2011, Cephalon and Teva jointly announced that they had entered into 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 expected to be completed in the third quarter of 2011. However, the merger price represents only a 6% premium to Cephalon’s closing price on April 29, 2011, the last trading day before the announcement of the acquisition. Cephalon has recently performed well. Indeed, one securities analyst recently raised his price target to $92 per share. And another analyst recently stated that the appropriate takeover value is approximately $119 per share.

If you currently own shares of Cephalon and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [e-mail], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.