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ImClone snubs BMY, mulling higher bid

September 11, 2008 1:01 AM UTC

ImClone (NASDAQ:IMCL) said a special committee of its directors informed Bristol-Myers (NYSE:BMY) that the pharma company's offer of $60 per share, or $4.5 billion, for the 83.4% of ImClone it does not already own is "inadequate." The company also said it received an offer from an undisclosed pharma company for $70 per share, which values ImClone at $6.1 billion based on 87 million shares outstanding at Aug. 1 (See BioCentury, Aug. 04, 2008). ...