Twelve days ago, Carl Icahn’s ImClone announced a $70 per share cash offer from a mystery suitor, pending a two week due diligence assesment of the company. With just two days to go before this unknown company might tender its offer, Bristol-Meyers has countered with an offer that ImClone must refuse.
For some inexplicable reason Bristol-Meyers countered with a $62 per share offer, which is an increase from its long standing offer of $60 a share, but still less than the potential $70 a share offer. Raising the offer, but not matching it simply shows that Bristol-Meyers desperately wants ImClone. It might also show that they don’t believe the anonymous bidder is serious.
Either way it’s good news for Carl Icahn, who is probably going to be in a bad mood after he leaves his first Yahoo board meeting tomorrow.
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