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Bristol bails on ImClone board

Executive Summary

Bristol-Myers Squibb's bid gets even more hostile as representative John Celentano resigns from his position on the ImClone board of directors Sept. 22. Bristol raised its offer to $62 per share on Sept. 22, still a discount over the trading price. Carl Icahn, chairman of the ImClone board, rebuffed the offer in a colorful letter Sept. 23 (1"The Pink Sheet" DAILY, Sept. 23, 2008). The tense situation should come to a head soon; the alternative mystery bidder alluded to by Icahn is slated to finish due diligence Sept. 28 (2"The Pink Sheet," Sept. 15, 2008, p. 10)

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