TPG to Buy Par Pharmaceutical for $1.9B

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Private equity firm TPG said on Monday it would acquire U.S.-based Par Pharmaceutical Cos Inc for $1.9 billion in the latest acquisition in the generic drug industry.

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The $50-a-share deal represents a nearly 37 percent premium over Par's closing price on Friday.

Under terms of the deal, Par can seek superior bids from third parties through August 24. Should no better deal be found, the TPG deal is expected to close this year.