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Icahn seeking up to $500M of IMCL

February 15, 2002 8:00 AM UTC

ImClone (IMCL) said that financier Carl Icahn filed with the FTC and Department of Justice to acquire up to $500 million of IMCL stock, which would represent a 37% stake in the company, based on IMCL's Friday close at $18.44 and 72.9 million shares outstanding. IMCL's board also adopted a shareholder rights plan, but Chairman Robert Goldhammer noted that the plan "would not prevent an unsolicited acquisition of ImClone Systems." IMCL was up $0.84 to $18.44 on 8.5 million shares on Friday.

IMCL did not say it its press release whether Icahn or his affiliates own any IMCL shares, and the company could not be reached for comment. Icahn does not show up on the top 10 institutional holders of IMCL as of Sept. 30, 2001, nor does he have a filing with the SEC claiming more than a 5% stake. ...