ImClone (IMCL) Tells Bristol-Myers (BMY) $60/Sh Offer Is Inadequate; Says $70/Sh Offer On the Table From Another

September 10, 2008 8:49 AM EDT

ImClone Systems (NASDAQ: IMCL) Chairman, Carl Icahn, stated that the Special Committee of ImClone's Board of Directors has informed Bristol-Myers Squibb Company (NYSE: BMY) that it has determined that the $60 per share unsolicited offer is inadequate.

Mr. Icahn also announced he has had several conversations with the Chief Executive Officer of a large pharmaceutical company. As a result of such conversations, the pharmaceutical company has submitted a proposal, subject to due diligence, but not subject to financing, to acquire ImClone for $70 per share in cash. The Special Committee has determined, subject to the execution of a confidentiality agreement, to allow this company to conduct due diligence for a two week period, subject to extension by mutual consent. No determination has been made as to whether $70 per share would be adequate.

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