ImClone Systems (IMCL) Chairman Carl Icahn Sends Letter to Bristol-Myers

September 23, 2008 3:19 PM EDT

ImClone Systems (Nasdaq: IMCL) Chairman Carl Icahn sent the following letter to Bristol-Myers (NYSE: BMY) after a raised $62 offer.

September 23, 2008

Mr. James M. Cornelius
Chairman and Chief Executive Office
Bristol-Myers Squibb Company
345 Park Avenue
New York, NY 10154

Dear Jim:

Your letter of yesterday contains inaccuracies which are misleading to our shareholders. Your statements that there have not been any meaningful discussions concerning your proposal have no basis in fact.

Indeed during the last few weeks we told you we would be happy to meet if you wished to increase your offer to which you replied you had no intention to do. I also told you a large Pharma company had offered $70 subject to due diligence and the diligence will be over on Sunday, September 28, 2008. In light of these facts, your hostile tender of $62, at this time, seems absurd. If you wish to make your attorneys wealthier, I can show you more productive ways to do so. Or, if you simply want publicity, I can also help you in that regard without your having to make unnecessary expenditures.

Sincerely,

Carl C. Icahn
Chairman of the Board

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