Bristol-Myers (BMY) Offers $60/Share for ImClone (IMCL) In Letter To Icahn
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In a 13D filing on Imclone Systems Inc. (Nasdaq: IMCL), larger holder Bristol -Myers Squibb (NYSE: BMY) disclosed on July 31st, James M. Cornelius, Chairman and Chief Executive Officer of BMS, called Carl C. Icahn, Chairman of the Board of ImClone, to convey an offer by BMS to enter into an agreement to acquire ImClone for $60 per share in cash.
The BMS Offer represents a premium of approximately 30% over the closing price of ImClone common stock on July 30, 2008, a premium of approximately 40% over the one-month average closing price of ImClone common stock, and a premium in excess of 40% over the three-month and one-year average closing prices of ImClone common stock. The BMS Offer was authorized by the BMS Board of Directors.
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