Icahn Finds Better Offer For ImClone And Pot Of Cash For Himself

Watching Yahoo’s stock price continue to crater might depress Carl Icahn. Luckily, his ImClone bet is going better.

After resisting a $60 a share offer from Bristol Myers Squib at the end of July, Icahn may have found a better deal. An unnamed “large pharmaceutical company” has submitted a proposal to purchase the company for $70 per share, cash. The company, which has the cash on hand, will do its due diligence in the the next two weeks. ImClone did not disclose whether it thought $70 was adequate.

According to Deal Journal, Icahn bought 11.67 million shares in 2006, then valued at $390.5 million. At $70 a share, Icahn would receive $812 million (which would go a ways toward covering his huge Yahoo loss). ImClone shares opened at $68.48 today and have remained near this price.

via Dealbook

See Also: Resurrected Microsoft Deal Only Hope For Yahoo Shareholders, Says Bernstein

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