ImClone calls new BMS offer "absurd"
This article was originally published in Scrip
Carl Icahn, chairman of ImClone Systems, has called Bristol-Myers Squibb's new offer for the biotech company as "absurd". On September 22nd BMS, which holds a 17% stake in ImClone, raised its takeover bid from $60 to $62 per share in cash, saying it intended to start a tender offer for the remaining ImClone stock (Scrip Online, September 23rd, 2008). Mr Icahn said a letter sent to him by BMS CEO and president James Cornelius on Monday contained inaccuracies that were "misleading" to shareholders. ImClone is subject to due diligence until Sunday after receiving an offer of $70 per share from an unnamed, large pharma company.
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