Icahn says he has $70-per-share offer for Imclone

NEW YORK (AP) -- Biotechnology company ImClone Systems Inc. says it is considering a buyout offer worth $70 per share from an unidentified large pharmaceutical company, and rejected a $60-per-share bid from Bristol-Myers Squibb Co.

ImClone says Chairman Carl Icahn has been in talks with the chief executive of the pharmaceutical company that made the new offer. ImClone's board will allow the potential buyer two weeks to do due diligence. ImClone says it has not decided if the offer is adequate.

The new offer would be a premium of 10 percent to ImClone's Tuesday closing price of $63.65.

ImClone also formally rejected the $4.5 billion offer made July 31 by Bristol-Myers, its partner in selling the cancer drug Erbitux.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 28134374 - local8now.com/a?a=28134374