Bristol-Myers May Have To Top $6.1B ImClone Offer
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Bristol-Myers Squibb Co. may have to raise its offer for ImClone Systems Inc. after the chairman of the biotechnology company, Carl Icahn, said a “large pharmaceutical company” he wouldn’t identify bid $6.1 billion. The new $70-a-share takeover proposal exceeds the Bristol-Myers bid of $60 a share by 17%. ImClone yesterday rejected the offer from Bristol-Myers for the part of ImClone that it doesn’t already own as too low. Bristol-Myers could afford to pay $72 a share for ImClone, and the combination would make Bristol-Myers an appealing takeover target, analyst Timothy Anderson said.
