July 16, 2012 / 12:22 PM / 5 years ago

TPG agrees to buy generic drugmaker Par for $1.9 bln

July 16 (Reuters) - 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.

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 Aug. 24. Should no better deal be found, the TPG deal is expected to close this year.

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