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ImClone: Unnamed company to move forward or drop offer by Oct. 1
By Lisa Kerner
Charlotte, N.C., Sept. 29 - ImClone Systems Inc. said the large pharmaceutical company that offered to acquire the company for $70 per share will either make a proposal or withdraw by 11:59 p.m. ET on Oct. 1.
The offer is subject to due diligence but not financing, an ImClone news release said.
ImClone, under a mutual agreement, will not disclose the pharmaceutical company's name.
Last week, it was announced that Bristol-Myers Squibb Co., a 16.6% ImClone shareholder, began a $62-per-share tender offer for the company.
Carl Icahn, ImClone chairman of the board, called the Bristol-Myers Squibb offer "hostile" and "absurd," it was previously reported.
Bristol-Myers Squibb is a biopharmaceutical company based in New York.
ImClone is a biopharmaceutical company based in New York that develops targeted treatments for cancer.
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