Ebb & Flow

A series of open letters between Bristol-Myers and ImClone last week suggest the process of taking out the biotech is likely to be a chippy one largely played out in public.

Early in the week, ImClone (NASDAQ: IMCL) revealed a $70 per share offer from an undisclosed pharma. That's $10 higher than the $60 offer from Bristol-Myers (NYSE:BMY), which ImClone dubbed "inadequate" in its announcement...