War Of The Words Continues As Icahn Responds To Bristol’s Hostile Bid Intent
This article was originally published in The Pink Sheet Daily
Executive Summary
Unnamed “large pharma’s” due diligence due to complete by Sept. 28, Icahn says.
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Bristol bails on ImClone board
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)
Bristol bails on ImClone board
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)
Bristol Sweetens ImClone Bid A Bit, Plans To Ask Stockholders To Replace Board
BMS ups ante by $2 per share, for a total $4.7 billion cash offer.