ImClone says that it expects a mystery bidder to either reject a takeover move or formally offer $6.1 billion for the biotech company. And ImClone says it will name the bidder one way or the other. In a dig at Bristol-Myers, ImClone says that a competing offer won't be contingent on financing. This is the second time that ImClone has pushed back the deadline on the mystery suitor.
ImClone Chairman Carl Icahn [1] has been heaping scorn [2] on Bristol-Myers Squibb's latest $5.4 billion offer, a $62-per-share bid [3]. But many observers have noted that BMS is still a likely winner in any contest for ImClone, as it already owns 17 percent of ImClone's stock along with U.S. marketing rights to Erbitux.
- check out the Imclone release [4]
- read the report [5] from the Wall Street
Related Articles:
Icahn to BMS: Your $62 hostile bid is 'absurd' [2]
Icahn and Cornelius trade notes, barbs [6]
Icahn's mystery buyer could spark bidding war [7]
ImClone rejects BMS, gets higher bid [8]
Links:
[1] http://www.fiercebiotech.com/tags/carl-icahn
[2] http://www.fiercebiotech.com/story/icahn-bms-your-62-hostile-bid-absurd/2008-09-24
[3] http://www.fiercebiotech.com/story/bms-fires-62-offer-it-battles-imclone/2008-09-23
[4] http://www.fiercebiotech.com/press-releases/imclone-systems-issues-statement-1
[5] http://online.wsj.com/article/SB122265923068284723.html
[6] http://www.fiercebiotech.com/story/ican-and-cornelius-pass-notes-barbs/2008-09-12
[7] http://www.fiercebiotech.com/story/icahns-mystery-buyer-could-spark-bidding-war/2008-09-11
[8] http://www.fiercebiotech.com/story/imclone-rejects-bms-gets-higher-bid/2008-09-10