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Icahn Rebuffs Bristol-Myers’ Raised Bid
Bristol-Myers raised its bid for ImClone to $62 and threatened to take the bid directly to shareholders. The ImClone chairman fired back, dubbing the offer “absurd.”
September 24, 2008
Bristol-Myers raised its bid to acquire ImClone Systems Inc. to $62 per share and threatened to take the offer directly to the New York-based biopharmaceutical oncology company’s shareholders.
ImClone chairman Carl Icahn responded Tuesday with a note in which he called the increased bid “absurd” and argued that the public letter sent by Bristol-Myers chairman and chief executive officer James M. Cornelius on Monday contained “inaccuracies which are misleading to our shareholders.”
ImClone has received a bid of $70 from an unnamed bidder, and Icahn stated the due diligence of that offer will be completed by September 28, 2008.
Icahn’s letter to Cornelius was posted after trading closed on Tuesday.
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