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Icahn fires back at Bristol-Myers

September 24, 2008 2:05 AM UTC

Carl Icahn, chairman of ImClone (NASDAQ:IMCL), called a planned tender offer by Bristol-Myers (NYSE:BMY) "hostile" and "absurd" in a letter to James Cornelius, the pharma's chairman and CEO. Icahn also said the pharma's claim that ImClone had not engaged in a meaningful dialog about the pharma's acquisition proposal has "no basis in fact," because the board had been willing to discuss a higher bid. The board previously rejected BMS's July proposal to buy the 83.4% of ImClone it does not already own for $60 per share. The pharma yesterday said it would commence a tender offer for $62 per share in cash (See BioCentury Extra, Monday, Sep. 22, 2008). ...