ImClone rejects Bristol-Myers' offer, reports new offer on the table

By Lisa Kerner

Charlotte, N.C., Sept. 10 - ImClone Systems Inc.'s special committee determined that the unsolicited offer from Bristol-Myers Squibb Co. is inadequate, according to chairman of the board Carl Icahn.

Bristol-Myers sought to acquire ImClone for $60 per share.

Icahn said a large pharmaceutical company has submitted a proposal, not subject to financing, to acquire ImClone for $70 per share in cash.

The special committee is allowing the unnamed company to conduct due diligence for a two-week period, an ImClone news release said.

It was previously reported that Icahn was opposed to Bristol-Myers' offer, which was valued at approximately $4.5 billion.

Bristol-Myers, a New York biopharmaceutical company, said it owns 17% of all outstanding shares of ImClone.

ImClone is a biopharmaceutical company based in New York that develops targeted treatments for cancer.

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