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Mylan rejected Teva's $41 billion bid earlier this week.
Acquisition would create leading company with potential to transform global market for generics.
Teva sought stay of lower court ruling that favored developers of generic versions of its top selling multiple sclerosis drug.
CEO of generics giant says move not due to financial distress; Teva employs 7500 people in Israel.
By GALI WEINREB, SHAY NIV AND ADI BEN-ISRAEL / GLO
Judge Ariella Gilzer-Kats: We were shown a dismal picture, which is inappropriate for a company in a civilized country.
By CHEN MA'ANIT
Labor chairwoman demands discussion in Knesset Finance Committee after Teva Pharmaceuticals reportedly paid a .3% tax rate.
By NIV ELIS
Company hopes generic versions of MS drug will be delayed by clinical trials.
By SHIRI HABIB-VALDHORN
Expert: Company to report net profit of $4.74 billion this year.
By NADAV NEUMAN
If passed, VAT will rise one percentage point to 17%; Finance C'mtee reject Gafni proposal to raise corporate tax; Treasury General says "only a marginal increase."
By NADAV SHEMER
Morning flights halted at Ben-Gurion, public transit to operate as usual.
By MAX SCHINDLER
Teva's shares rallied on Thursday in response to the proposed cutbacks, rising more than 15% in one day on the Tel Aviv stock exchange, as of 4pm Israel time.
In response to the reported layoffs, Teva's shares on the Tel Aviv stock exchange were up one percent from the day prior.
The Petah Tikva-based company seeks to reduce its expenses by $1.5 billion to $2 billion in the next two years.
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