ImClone (IMCL) Enters Merger Agreement With Eli Lilly (LLY) For $70/Share
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ImClone Systems (NASDAQ: IMCL) entered into a merger agreement with Eli Lilly and Company (NYSE: LLY), pursuant to which Lilly has agreed to commence a tender offer for no less than a majority of the issued and outstanding shares of ImClone common stock at a net price per share of $70 in cash.
The offer represents a $8 premium to Bristol-Myers Squibb's (NYSE: BMY) proposed tender offer price of $62 per share.
Carl Icahn, Chairman of ImClone's Board of Directors stated: "We are extremely pleased to be able to present our stockholders with an offer that, if accepted, will bring them $70 per share in cash. I would like to thank the stockholders who have been supportive of me and the new directors who replaced the old regime."
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